Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits.

The cost side support was stable and strong, and manufacturers were still showing a willingness to raise prices.

On the morning of May 30th, the main contract of ferrosilicon futures rose the limit up in response, with a highest price of 7824 CNY/T, an increase of 8.01%; On the 31st, the market closed at 8108 CNY/T, up 5.27%.

This week, some steel plants announced tender information in June, there would be a new round of release on the demand side...

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys (IMFA) expects ferrochrome prices to increase by ?3,000 to ?4,000 per tonne in the first quarter (April-June).

HBIS Group finally priced its 75B ferrosilicon tender, with a month-on-month increase of 700 CNY/T to 7300 CNY/T.

"More efforts should be made to adjust and optimize the offerings and create more high-value items."

Since the end of March, the futures market has continued to rise, injecting confidence into the long sluggish ferrosilicon market.