Russia’s Norilsk Nickel will likely be selling its 50% stake in South African nickel and platinum producer Nkomati Nickel to partner African Rainbow Minerals (ARM).
According to Business Day, “Nkomati is a 50-50 joint venture between Norilsk and ARM and ARM spokeswoman Corne Dippenaar has confirmed that ARM has a right of first refusal on Norilsk’s 50% stake in the operation should it decide to sell out.”
This news comes shortly after Vladimir Potanin, Norilsk’s single biggest shareholder, announced an overhaul last week.
The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 6.7 percent decline. This comes on the heels of a 2.8 percent increase the week before. The nickel spot price fell 0.3 percent on the LME over the past week. This was the fourth week in a row of declining prices. The nickel 3-month price fell 0.2 percent on the LME over the past week. This was the fourth week in a row of declining prices.
Chinese stainless steel prices were mixed for the week. The price of Chinese ferro-chrome did not change since the previous week and Chinese ferro-moly prices also held steady from the previous week.
The price of Chinese primary nickel fell 0.2 percent over the past week. This was the fourth week in a row of declining prices. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat. Chinese 316 stainless steel scrap remained unchanged for the week. Prices for Chinese 304 stainless coil remained constant. Chinese 316 stainless coil remained essentially flat from the previous week.
Korean 430 stainless steel coil traded sideways last week. The price of Korean 304 stainless coil did not change since the previous week.
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.