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Stainless Market Sees Downward Trend Due to Increasing Nickel Prices in 2023
By Shubhendra Anand , 30 January, 2024
Nickel performed a downward trend among the base metals throughout the year 2023. The declining rate of the nickel reflected in the performance of the stainless mills market in 2023. Throughout the month of November 2023, nickel’s performance in the market was below expectations. However, in the beginning of December 2023 the nickel market stabilized but its performance decreased throughout the year impacting the Monthly Metals Index (MMI) for the stainless mills in 2023.
According to the surveys, nickel prices fell to their highest in October 2023 showing worst market decline for the year 2023 in base metals. Since April 2021 the nickel prices declined to their lowest in the month of October 2023, that records for 7 percent in the market prices for nickel. The stainless MMI declined up to 5.74 percent from September to October in 2023, as per the reports. The reports from the World Stainless Association show a decline in the stainless steel market up to 0.9 percent in 2023. The decline impacts the stainless steel melt shop production by the end of fourth quarter in 2023. Other observations implies that indonesia performs better in the nickel market worldwide resulting in major surplus for 2023 and 2024. The market growth in indonesia for the nickel production will benefit the class 2 nickel type.
Other surveys noted that stainless steel market witness little changes throughout the year 2023 with ups and downs in the market conditions. However, the sales remain the same for all the quarters with little to no growth in the stainless market for 2023. Recent information shows that the stainless monthly metals index (MMI) fell to 6.59 percent from November to December 2023. It reflects a negative trend in the market for 2023. The growing demand in the battery industry forces more supply of raw materials, therefore, growing need of nickel production is important.
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Shubhendra Anand
Head Research
