Futures contracts of nickel rose sharply on MCX today tracking the benchmark three-month contract on the LME, which rose due to higher steel prices in China. Steel prices are rising in China, the world's largest consumer of most base metals, with the country cracking down on illegal production units. Hebei province, a major steel-producing region in China, shut 10.53 mln tn capacity of illegal steel-producing units during Jan-Jul, the local government said last week. Nickel is majorly used to manufacture stainless steel.
Source: Newswire
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