Russian nickel has lately been confirmed and poured into the Chinese market, According to Shree Metal Prices Analysis, some easing the scarcity of imported pure nickel supplies and significantly lowering nickel premiums for NORNICKEL.
While invisible inventory is projected to be came out, the New Product Introduction (NPI) market supplies was not very significant. After the spread of NPI & Nickel reduced, dealers might ship at lows.
Shree Metal Prices analysis expects that on the demand side, stainless steel futures prices would increase rapidly over the course of one night, failing to influence spot prices the following day.
Although #304 stainless steel spot prices were constant ₹125 + Taxes, they might be traded down. The downstream industries have lower buying intentions. Supply constraints are likely to give nickel prices weaker support.