This has been a year of crisis for the nickel market.

In the week ending on December 31, 2022, US domestic raw steel production was 1,602,000 net tons while the capability utilization rate was 71.8 percent.

In November alone, production of finished steel reached over 1.82 million tonnes.

Finished Import Market Share YTD at 24%

Hoa Phat Group has signed a contract to export 10,000 tonnes of steel wire in coil form to Europe.

US hot rolled coil (HRC) spot prices moved down as the market remained quiet due to the Christmas holiday.

"Pretty much everyone accepts the current level [of premiums] is the new reality", a trader said.

Elevated production costs for Turkish producers amid low scrap availability and less slab purchasing options.