Norilsk Nickel “plans to invest as much as $10 billion in five years to boost output,” reports Businessweek.
“The company will focus on developing assets in Russia, mostly its Arctic projects, while it plans to sell assets in Africa and Australia, it said in a presentation on strategy to investors in London today.”
The day’s biggest mover was the Indian nickel cash price which dropped by 5.7 percent on Thursday, October 3. On the LME, the nickel spot price fell 0.8 percent to $13,625 per metric ton. On the LME, the 3-month price of nickel declined 0.7 percent to $13,700 per metric ton.
Chinese stainless steel prices were flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly held steady.
The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement. The price of Chinese primary nickel showed little movement yesterday.