Nickel Prices Won’t Recover For Another 2 Years
MetalMiner | Oct 08, 2013 12:54PM ET
Norilsk Nickel doesn’t have high hopes for nickel prices. Forecasting that “prices are unlikely to recover for another two years as producers struggle with “unprecedented” low prices and a 100,000-tonne surplus,” reports Reuters.
“Even with cutbacks, [head of strategic marketing Anton] Berlin warned, it will take several years to work through record high stocks in LME-registered warehouses and China’s growing inventory of nickel pig iron (NPI), a low-cost alternative raw material for making stainless steel.”
“It will be 2015 when we expect some improvement. By 2015, we’ll see a more reasonable price,” he said [in the interview].
The Indian nickel cash price saw a 0.6 percent drop on Monday, October 7, making it the biggest mover of the day. On the LME, the nickel spot price fell 0.6 percent to $13,550 per metric ton. The 3-month price of nickel weakened by 0.4 percent on the LME, settling at $13,635 per metric ton.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. The price of Chinese ferro-moly remained essentially flat.
For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap held steady. The price of Chinese 304 stainless steel scrap was unchanged. For the fifth day in a row, the price of Chinese primary nickel remained essentially flat.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.