MMC Norilsk to Pay Up As China Nickel Prices Hit 30-Day Low

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Norilsk Nickel, the world’s largest nickel mining company, can’t win.

At least in court.

Via the Russian Legal Information Agency:  “The Moscow Commercial Court has dismissed the lawsuit filed by Norilsk Nickel against the court decision to fine it 500,000 rubles ($15,785) for failing to provide information to a shareholder…”

“The country’s financial authority fined Norilsk Nickel at the request of a shareholder who holds 25% of the company’s voting shares, who complained that Norilsk Nickel had not provided a number of documents required by legislation.”

Looks like the nickel producer is not only losing money on court fees, but also on still-falling nickel prices.

Daily Nickel Price Movements

today's metal prices - MetalMiner IndXWith a decline of 3.6 percent on Monday, June 17, the price of Chinese primary nickel recorded the biggest decline of the day.

The 3-month price of nickel, however, rose 1.5 percent on the LME to $14,325 per metric ton after a two-day drop. After hitting a 30-day low of $14,225 per metric ton on Thursday, June 13, the nickel spot price rose 1.4 percent yesterday on the LME.

The Indian nickel cash price saw a 1.0 percent decline.

What About Stainless Steel Price Trends?

The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw little movement, the price of Chinese 304 stainless coil was unchanged and the price of Chinese 316 stainless coil remained essentially flat.

The price of Chinese ferro-chrome held steady. For the fifth consecutive day, the price of Chinese ferro-moly held flat.

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