MENAFN reported that from January to April of this year, there was a global nickel surplus of 31,700 metric tons, according to the World Bureau of Metal Statistics.
Articles Tagged "nickel prices"
The Economic Times reported that technical innovations have pushed the break-even cost for nickel pig iron produced via rotary kiln electric furnace (RKEF) in China down to $12,500 per metric ton, meaning that nickel prices, which are already low, could fall further.
MetalBulletin reported that Jinchuan Group, China's largest nickel producer, has cut its benchmark nickel price to 102,000 yuan ($16,563) per metric ton following a decline in London Metal Exchange prices.
Shanghai Metals Market reported that after falling to 102,500 to 102,700 renminbi per metric ton (MT) this morning, Jinchuan nickel prices later rose to 102,800 renminbi per MT.
China's State Reserves Bureau has purchased nickel for the first time since 2009. While that is not likely to impact prices for the metal in the long term, a short-term rise is expected.
MetalMiner reported that the nickel spot price fell 1.3 percent on Tuesday, closing at $14,850 per metric ton (MT) on the London Metal Exchange (LME). Nickel for three-month delivery fell to $14,945 per MT on the LME, a 1.1 percent decline.
The nickel market is set to record a 90,000-MT surplus in 2013. Here's a look at what factors are at play in the situation and what needs to happen for that surplus to be reduced.
MetalMiner reported that Chinese primary nickel declined 4 percent after increasing by 1 percent the previous week. It has also seen declines on the LME and in India.
Reuters reported that Indonesia expects its nickel smelter, which is being constructed in Central Sulawesi, will start operations towards the end of 2014. The Indonesian government announced that it will no longer allow unprocessed mineral exports after January 2014, a rule that has been heavily criticized by miners who believe smelters are not viable for all metal ores that the country exports.
Reuters reported that Russia’s Norilsk Nickel might halt operations at its nickel mine in Botswana due to a sharp drop in the prices of metals.