“OAO GMK Norilsk Nickel, Russia’s biggest producer of the metal, fell 2.7 percent,” its lowest level since 2009, while “OAO Mechel, a steel and coal producer, sank 1.7 percent and OAO Novatek, Russia’s second-biggest natural gas producer, slid 1 percent,” according to Businessweek.
Low nickel prices and global oversupply have a lot to do with it.
The cash price of primary Indian nickel declined 2.4 percent, after two days of improvement.
On the LME, the nickel 3-month price rose 0.5 percent to $13,970 per metric ton. At $13,885, the nickel spot price finished the market day on the LME up 0.4 percent per metric ton.
The prices of Chinese ferro-chrome and ferro-moly remained essentially flat.
The price of Chinese primary nickel weakened by 0.6 percent. The prices of Chinese 304 and 316 stainless coil and scrap held steady.