Reuters reported nickel prices continue to stay low on worries the stainless steel industry needs less of the industrial metal and on oversupply.
As quoted in the market news:
Nickel has been the underperformer of the industrial metals traded on the London Metal Exchange (LME) for much of this year.
The stainless steel input fell harder during the summer sell-off and rallied less than the others on the QE3-fuelled bounce in September.
Since then the broader price pull-back has seen three-month nickel crash back to below $16,500 per tonne, a level where it is challenging the top end of the production cost curve.