Nickel prices surged to a seven-month high on Friday, fueled by concerns about reduced supply from Indonesia and rumours that China is looking to increase its metal stockpiles significantly.
Three-month nickel contracts on the London Metal Exchange (LME) jumped by 3.6% to reach $19,220 per metric ton, peaking at $19,440 – a level unseen since September of last year.
Market analysts attribute this spike to reports that China's National Food and Strategic Reserves Administration is preparing to make major nickel purchases. The metal is crucial in the production of stainless steel.
An industry source suggests that China aims to acquire roughly 200,000 metric tons of nickel pig iron, which translates to around 20,000 tons of refined nickel. Details on the price China is willing to pay remain undisclosed.
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