Perhaps news like this is the best thing possible for the nickel oversupply problem.
“OAO Norilsk Nickel (GMKN.RS), the world’s largest nickel and palladium producer, said Monday its second-quarter nickel output fell 5% on the quarter to 67,814 metric tons due to short delivery of semi-products from two facilities and the mothballing of the Lake Johnston mine in Australia,” according to the Wall Street Journal.
If nickel’s supply draws down a bit, prices may recover…
The biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 2.5 percent decline. This comes on the heels of a 2.9 percent increase the week before.
On the LME, a 1.2 percent gain landed the nickel spot price at $14,045 per metric ton. Last week, the 3-month price of nickel increased by a slight 1.1 percent on the LME to $14,130 per metric ton.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat. Chinese ferro-moly traded sideways last week.
The price of Chinese primary nickel ticked up 1.4 percent over the past week. Chinese 304 and 316 stainless steel coil and scrap remained essentially flat.
Korean 430 and 304 coil prices also didn’t move.
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.