According to National Bureau of Statistics of China, as reported by the TEX Report, “production of nickel by the nickel producing plants located in China during September 2012 was 23,129.4 tons (of nickel content), down 5.8% from 24,542.5 tons in the preceding month due to the continued weak demand and summer curtailment.”
In another sign of a weak global nickel market, the world’s third-largest nickel producer, BHP Billiton, cut jobs at its Australian Nickel West division to cut costs due to nickel demand still suffering, the company said on Friday, reported Reuters.
However, a BHP spokeswoman said the job cuts would not affect nickel production, and no mining positions were lost.
Nickel Prices Still Dropping
The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 6.7 percent decline.
More nickel and stainless steel price changes if you click below.
This week’s 6.7 percent drop marked the third in a row of declining China nickel prices.
The Indian nickel cash price fell 5.5 percent after rising 0.6 percent the week before.
The 3-month price of nickel fell 4.5 percent on the LME over the past week to $16,425 per metric ton. This was the third week in a row of declining prices. The nickel spot price dropped 4.3 percent on the LME this week, closing out the third consecutive week of falling prices at $16,400 per metric ton.
Chinese 316 stainless coil fell 1.4 percent over the past week. Chinese 304 stainless steel scrap saw a 1.1 percent decline. Chinese 304 stainless coil prices were off slightly, down $30 per metric ton from a week ago. The price of Chinese 316 stainless steel scrap declined 0.6 percent over the past week.
Korean 430 stainless steel coil traded sideways, and the week finished with no movement for Korean 304 stainless coil.
Chinese ferro-chrome remained unchanged for the week, and the price of Chinese ferro-moly did not change either since the previous week.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.