The price of nickel continues to show signs of strength amid developments on both the demand and supply side of the equation.
On the London Metal Exchange, 3-month nickel traded at US$5.24 a pound, up $0.06 on Wednesday.
On the supply side, published reports says nickel ore production in the Philippines fell 24% year-on-year to 8.64 million tonnes in the first half of 2017. The decrease is due in part to sanctions imposed by the Mines and Geosciences Bureau (MGB).
Meanwhile, demand from Chinese steel mills remains healthy.
According to a Scotiabank report, 300 series stainless steel production in China continues to outpace other kinds of stainless (300 has more nickel content than both the 200 and 400 series versions).
Looking ahead to future demand growth, it is worth noting that nickel plays a key role in the most commercially produced lithium-ion batteries.