Nickel prices saw a significant decline in October, impacting the stainless steel market, as surplus supply and falling demand contribute to a bearish outlook for 2024.
Via Metal Miner Nickel prices remained decidedly bearish throughout October, experiencing the largest monthly decline amongst base metals. Indeed, prices fell over 7% to their lowest level since October 2021. Overall, the Stainless Monthly Metals Index MMI continued to decline, dropping 5.74% from September to October. Stainless Mills Scramble For Orders After data from the World Stainless Association showed a 0.
And while LME inventories remain below where they stood at the start of the year, they nonetheless appeared to find a bottom in August and have subsequently increased by over 16% to where they stand today in mid-October. As a result, the rising supply has left investors with a negative outlook for nickel prices. According to data from the LME, total investor positioning remained net short by early October.
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