Ibris Nickel Stops Indonesia Ore Mining; Primary Indian Nickel Down

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Hope for the best, but anticipate the worst? “Singapore’s Ibris Nickel said on Tuesday it had temporarily stopped operations at its 2-million-tonne-per-year nickel mine in Indonesia, amid uncertainty surrounding a planned ban on unprocessed metal ore exports,” report Reuters.

“It is the first company to announce it is putting operations on hold pending the ban.”

“Almost all miners are taking a ‘wait-and-see’ approach to the ore ban, Chief Operating Officer Agus Suhartono told Reuters, adding that the government had not provided any clarification of planned new processing requirements due to take effect on Sunday.”

“‘If we are in production but we don’t know how this will pan out, we need to be very careful,’ Suhartono said. ‘It’s a last-minute call.'”

In metal price news for stainless steel and nickel…

On Monday, January 6, the Indian nickel cash price fell by 1.5 percent, making it the day’s biggest mover. On the LME, the nickel 3-month price fell 0.4 percent to $13,915 per metric ton. On the LME, the nickel spot price declined 0.3 percent to $13,860 per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

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The price of Chinese primary nickel weakened by 0.6 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 remained essentially flat. 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.