Vladimir Potanin has a few plans in mind for Norilsk Nickel.
“Mr. Potanin says he wants to sell Norilsk’s low-margin processing plants and mines in four countries to focus solely on mining. ‘Ore is king,’ he explains. By focusing on mining core industrial metals and calling it quits on smelting and processing, the CEO says he can continue to post results similar to the 16% return on invested capital recorded for this year’s first half,” reports The Wall Street Journal.
The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 1.3 percent to close on Tuesday, October 29. Following a two-day drop, the 3-month price of nickel increased by 0.6 percent on the LME to $14,510 per metric ton. The spot price of nickel rose 0.5 percent on the LME to $14,455 per metric ton after a two-day drop.
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 was unchanged.
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 saw little movement. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap continues to hover for the fifth day in a row. The price of Chinese primary nickel remained essentially flat.