TOKYO -- The price of nickel, a raw material needed to make stainless steel, has been falling. Two factors are weighing on the price. The Philippines and Indonesia have increased their production of the ore from which nickel is made. In addition, China, the world's largest consumer of stainless steel, is buying less ore, fueling oversupply fears and putting further downward pressure on nickel.
The benchmark three-month nickel futures contract on the London Metal Exchange is currently trading at around $9,000, down over 20% from a recent high hit in February.
