Nickel prices hit 5-month low on sluggish China consumption

Country's ongoing property slump saps demand for new building materials

20240718N nickel ore

Though nickel is also used in EV batteries, its primary use is in stainless steel. © Reuters

SHUGO YAMADA, Nikkei staff writer

TOKYO -- Global prices for nickel, used in stainless steel and EV batteries, are falling, pulled down by the prolonged real estate slump in major consumer China.

Three-month nickel futures on the London Metal Exchange briefly dropped to $16,435 per tonne on Wednesday, the lowest price since late February.

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