Big Auto and American Government Collabs to Boost Ev Production in 2024
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.
Stainless Monthly Metas Index ( MMI)
Latest News
Big Auto and American Government Collabs to Boost Ev Production in 2024
The American government is preparing to boost electric vehicle sales soon. Therefore, the current American administration has announced it will grant USD 2 billion to the auto industry in 2024. Top car makers in the industry, such as Stellantis and…
Lack of Infrastructure Affects Electric Vehicles Sales in the European Nations
Electric vehicles are gaining momentum in the automobile market. The clean energy transition trends will also boost the demand for electric cars in 2024. A survey in 2024 shows the list of European countries in 2024. This survey shows that the lack…
Google’s Carbon Footprints Rises by 48 Percent due to AI
Google is promoting green energy adoption with advancing energy sources for its data centers. The company collaborated with two renewable harnessing companies for geothermal energy support in 2024. Google plans all these for its data centers as it…
Green Economy Attains Highest Growth with Sustainable Practices
The green economy is an important milestone in the era of rapid climatic changes. Green economy stands for sustainable and ecological development. It focuses on factors like fewer carbon footprints, reduced rate of pollution, and increasing…
LNG Faces Instability in the Energy Market of 2024
Globally, liquified natural gas (LNG) is increasingly in demand due to the ongoing energy sector scenarios. The transformation from conventional fuels to renewable energy sources is an important trend in the energy sector. Liquified natural gas is…
