Anglo American to See Nickel Output Cut

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Anglo American is having furnace issues… The company “expects output at its biggest nickel project to remain curtailed until mid-2016 as it rebuilds two furnaces to fix design problems,” reports Bloomberg.

“Anglo will produce between 20,000 and 25,000 metric tons of nickel at its Barro Alto facility in Brazil this year and will reach its nominal average output capacity of 36,000 tons by June 2016, head of nickel Walter De Simoni told reporters yesterday. The company, which expected to achieve full production at the project in late 2012, will fix one of the furnaces next year and the second in 2015, he said.”

Following two days of increases, the cash price of primary Indian nickel dropped by 1.4 percent on Monday, September 23. The spot price of nickel weakened by 0.4 percent on the LME, settling at $14,080 per metric ton. The nickel 3-month price saw little movement on Monday on the LME, closing out around $14,195 per metric ton.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome continues hovered for the fifth day in a row. The price of Chinese ferro-moly held steady.

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The price of Chinese primary nickel moved up 1.0 percent. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row.