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Nickel prices expected to soar further on tight supply

Friday, 28 Jan 2011

It is reported that nickel prices were expected to soar further this year due to tight supply and rapidly rising demand. Besides, its estimated that the supply of nickel might be reduced by the rising coking coal prices.

Meanwhile, it is predicted that the average spot price of nickel would be at USD 24,215 per tonne in 2011, much higher than the price of USD 21,811 per tonne at LME in 2010.

Also, market insiders estimated that the demand for refined nickel would increase by 10% to 1.5 million tonnes and the supply would rise by 7%.

Moreover, it is said that the tight supply of nickel in the first half of 2011 would bring pressure to the supply; accordingly, nickel prices would soar further.

(Sourced from YIEH.corp)