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[Ferro-Alloys.com]
More Chinese nickel seen flowing overseas after LME’s Russia ban
More Chinese nickel is expected to flow overseas after the London Metal Exchange banned new Russian supplies, according to Mysteel Global.
China’s production of refined nickel is outstripping demand, and a domestic glut of the metal, used in batteries and to make stainless steel, has led to a surge in exports. Overseas sales jumped more than 200% in March from the previous month to 7,496 tons.
Increases in Chinese output, together with the sanctions on Moscow, are likely to keep exports elevated, Mysteel said in a note. That could help plug the gap in LME deliveries caused by its ban on metal from Russia, which accounts for 6% of the world’s supply.
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