Russia’s Norilsk Nickel can’t handle the heat of low nickel prices, so they’re backing out of the kitchen.
The company is pulling back on its dividends policy and will make some adjustments, since “Norilsk recorded a 63 percent year-on-year fall in first-half net profit due to noncash write-offs but remained profitable despite a more than 20-percent fall in nickel prices this year,” according to the Moscow Times.
Rising 2.1 percent to close at $13,970 per metric ton, the 3-month price of nickel experienced the biggest change on the LME for Monday, September 9. At $13,895, the nickel spot price finished the market day on the LME up 1.8 percent per metric ton.
The cash price of primary Indian nickel saw a 2.0 percent decline.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering in place for the fifth day in a row. Also, the price of Chinese ferro-moly remained essentially flat.
The price of Chinese primary nickel inched up 1.3 percent.
The price of Chinese 316 stainless coil held steady. The price of Chinese 304 stainless coil saw little movement. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. The price of Chinese 304 stainless steel scrap was unchanged.