Glencore Xstrata and Vale are chatting again! Apparently, they “have revived talks over a potential combination of the mining groups’ nickel operations in Canada’s Sudbury basin, in an effort to cut costs as prices for the metal languish, sources familiar with the situation said,” (Reuters).
“The discussions are still at an early stage but have revived hopes of a long-debated Sudbury tie-up, with the companies considering a number of options for their mining and processing operations in the area, the sources said.”
On Thursday, October 10, the nickel 3-month price fell by 0.7 percent on the LME, landing at $13,800 per metric ton and making it the day’s biggest mover. The nickel spot price weakened by 0.5 percent on the LME, settling at $13,755 per metric ton. The cash price of primary Indian nickel held steady on Thursday.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.
After holding steady for the past few days, the price of Chinese primary nickel fell 0.2 percent. The price of Chinese 316 stainless coil continues to hover for the fifth day in a row. The price of Chinese 304 stainless coil held steady. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat.