Norilsk Can't Arouse Metalloinvest as Nickel Prices Hit 30-Day Low

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Norilsk Nickel doesn’t have what Metalloinvest wants, apparently.

Interfax reported that Metalloinvest wants nothing to do with the development of the Udokan copper mine in eastern Russia – yet. Metalloinvest owner Alisher Usmanov is quoted as saying “I am not planning anything. We are now studying what the deposit is like from the point of view of its perspectives. It will be clear by early 2014.”

As far as Norilsk’s primary concern – nickel – daily prices are reflecting the market’s continued malaise…

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today's metal prices - MetalMiner IndX

With a decline of 3.0 percent on Friday, June 21, the price of Chinese primary nickel recorded the biggest decline of the day.

The Indian nickel cash price gained 2.5 percent. The nickel 3-month price saw a 2.1 percent decline on the LME to $13,810 per metric ton. The spot price of nickel fell to a 30-day low at $13,740 per metric ton after shifting 1.9 percent.

The prices of Chinese 304 and 316 stainless steel coil and scrap continue hovering in the same place.

The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly was unchanged.

FREE Download: The latest Monthly MMI® Report – covering the Stainless/Nickel markets!