Nov 13 (LTIT) –This week, the nickel market continued to suffer a weak start, with LME nickel plummeting and losing the US$ 16,000 mark. Recently, there has been repeated speculation about nickel ore, and rumors of an early ban on mining in Indonesia have resurfaced. However, according to the news, the Indonesian government will resume normal export of less than 1.7% nickel ore before 2020, and the ban on nickel ore will still take effect in 2020.

At the same time, the stainless steel market has frequently adjusted prices, and steel mills have taken the initiative to lower their product quotations.

In addition, stainless steel futures plummeted yesterday, with the main contract falling 555 yuan in 2002, the lowest since its listing. However, the waste stainless steel market is facing the pressure of nickel and materials falling together. Although it is well known that the supply of waste materials is in short supply, the sudden drop at this time will always cause panic. The traders have turned to risk aversion and gradually formed a bearish atmosphere. Manufacturers, buyers and others have lowered prices and received goods, and the market has dropped rapidly. At present, LME nickel is still in the downward channel and may continue to test the support range in the short term. (Source: Lingtong Metal Information)