（LME） Nickel increased by 100% on 8th arch, and the price exceeded US $100000 / ton
The London Metal Exchange (LME) decided to suspend LME nickel trading at least on March 8, 2022. Nickel is an important factor affecting the price of stainless steel seamless tubes.
On the evening of March 8, LME announced that it had decided to suspend trading at least today (March 8), following a further unprecedented rise in the price of three-month nickel. ASTM A312 welded stainless steel pipe, nickel contract trading in all places of LME market will be suspended from 8:15 on March 8, London time. Affected by this, the processing of products such as stainless steel pipe, stainless steel pipe fittings, stainless steel flange and stainless steel rod will soar
LME said that the decision to stop trading of nickel variety contract was made based on the impact of changes in the situation in Russia and Ukraine and the price trend in Asia this morning. At present, the margin of LME nickel contract will be calculated according to the closing price on March 7, 2022. What additional measures will LME clearing house consider and, if any, these measures will be based on the perspective of risk management. Other LME contracts will continue to trade normally, but will be closely watched. Stainless steel flange
Next, LME will actively plan the reopening of the nickel market and announce the mechanism to the market as soon as possible. Considering the geopolitical situation, LME may consider a multi-day suspension. In this case, LME will also arrange to handle the upcoming delivery. Further consider whether the transactions before 8:15 London time need to be reversed or adjusted, and will update the market again as soon as possible. Chinese stainless steel manufacturers said they would suspend the quotation of 304 / 304L and 316 / 316L common materials. Other special materials will be quoted after 5 days.
On March 8, LME nickel once reached more than US $101365 / ton, the highest level since June 2007. According to today's nickel price, the price of related products of stainless steel pipes will rise by 50%. Such a sharp rise in nickel price will hurt our end customers. Chongqing worldsteel hopes that prices will rise or fall steadily.
