2024 Nickel Price Outlook!!

Dive into the complex world of nickel as we navigate its tumultuous journey throughout the past year and explore what 2024 might hold for this unpredictable metal! Despite nickel losing nearly half of its value in the past year, its roller coaster ride continues, with prices starting at $13.85 and now settling in the mid-$7 range. Uncover the historical volatility of nickel, from reaching near $25 per pound in 2007 to the canceled trading era of 2022. The disconnect between market reality and the London Metal Exchange (LME) is evident, driven by the lingering effects of the trading crisis in March 2022. Learn about the ongoing suits and challenges the LME faces due to the unprecedented cancellation of trades during the short squeeze, contributing to the market distortion and devaluation of stainless steel. Explore the dynamics between Class 1 and Class 2 nickel, with the latter experiencing a surge in production, particularly in Indonesia. Understand how this impacts the market and influences stainless steel pricing, where nickel is a key component alongside chrome and iron units. Delve into the critical factors affecting nickel pricing in 2024, with oversupply being a significant challenge. The Global Nickel Study estimates a surplus of over two hundred thousand tons this year, with a similar outlook for the next. Indonesia’s continued strength in nickel production poses additional hurdles. Assess the potential impact of the seemingly stalled momentum of the electric vehicle (EV) revolution on nickel prices. While a spike in EV production could offer a positive turn, uncertainties loom large. Conclude with cautious optimism for a nickel and stainless steel bounceback, acknowledging the market’s inherent volatility and the possibility of further downside. Stay tuned for a deep dive into the intricate world of nickel in the coming year! #NickelMarket #MetalsIndustry #MarketAnalysis2024