Vale-Glencore Consortium to Be Defined by 2014? LME Nickel Price Down

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Things are in the works… “Brazilian miner Vale expects its consortium with Glencore in Sudbury nickel projects to be defined by the first quarter of 2014 and for the venture to operate as a single unit, Chief Executive Officer Murilo Ferreira said on Wednesday,” reports Reuters.

“The executive also said the world’s largest iron ore miner’s Samarco iron ore venture with Australian counterpart BHP Billiton had clinched a contract with U.S. steel company Nucor Corp.”

The 3-month price of nickel saw a 1.2 percent drop on the LME on Wednesday, December 18, landing at $13,965 per metric ton and making it the biggest mover of the day. On the LME, the nickel spot price declined 1.0 percent to $13,910 per metric ton. The cash price of primary Indian nickel finished the market day up 0.2 percent per kilogram.

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Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. The price of Chinese ferro-moly continues to hover for the fifth day in a row.

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The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil was unchanged. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady. For the fifth consecutive day, the price of Chinese primary nickel held flat.