Nickel prices have recently undergone some downward pressure due to concern about demand a slow-down from stainless steel producers. We highlighted this price weakness in our Asia Morning Note on 4 September. However, the recent stainless-steel inventory drawdown should support an increase in the nickel price in the short-term. Meanwhile, the nickel sulphate premium to the nickel price has started to increase, reflecting growing demand from the battery sector.
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