For the safety of its workers, Cerro Matoso, “said it has temporarily shut its mine after two weeks of protests by indigenous groups, halting 4 percent of world output,” reports Reuters.
“The impact of the stoppage on the nickel market is likely to be subdued amid a global surplus of nickel that has caused prices to tumble about a quarter in the last year but adds to near-constant disruption in Colombia’s mining sector this year.”
There was no movement for the Indian nickel cash price. The nickel 3-month price held steady yesterday on the LME, remaining around $13,900 per metric ton. The nickel spot price remained essentially flat on the LME at $13,830 per metric ton.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
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 held steady. The price of Chinese 316 stainless steel scrap saw little movement. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat. The price of Chinese primary nickel continues to hover for the fifth day in a row.