Turns out Norilsk Nickel lost $171 million on its Australian nickel mine operations last year, according to records filed this week.
“Lake Johnston lost $26 million in 2011, which included about half a year of contributions from its namesake nickel operation after it resumed production,” according to The West Australian. “It is understood Norilsk is still seeking buyers for its Australian assets, including Lake Johnston, Black Swan and Cawse, as well as for the big but undeveloped Honeymoon Well deposit.”
On Wednesday, September 4, the day’s biggest mover on our nickel and stainless index was the LME nickel spot price, which saw a 1.0 percent decline on the LME to $13,630 per metric ton. Also on the LME, the nickel 3-month price declined 0.7 percent to $13,730 per metric ton.
The cash price of primary Indian nickel saw a 0.5 percent decline.
For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly saw little movement. The price of Chinese primary nickel fell 0.2 percent.
For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 316 stainless steel scrap continues hovering in place for the fifth day in a row. The price of Chinese 304 stainless steel scrap remained essentially flat.