Talvivaara Downsizing Finnish Nickel Mine Workforce; Primary Indian Nickel Down

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Things aren’t looking good for Talvivaara. The company “is to lay off nearly half of its staff at its nickel mine in Finland as refinancing talks continue aimed at staving off bankruptcy,” reports The Financial Times.

“The London-listed miner, which also has a secondary listing on Oslo’s stock exchange, confirmed on Wednesday that it was letting go of 246 employees out of a total of 530 amid a suspension of ore production at its Sotkamo site in central Finland.”

“The company warned in November of the danger of bankruptcy if it failed to secure additional financing, just six months after its last fundraising.”

In metal price news for nickel and stainless steel…

Dropping 1.7 percent, the cash price of primary Indian nickel was the biggest mover on Wednesday, January 8. The 3-month price of nickel weakened by 0.7 percent on the LME, settling at $13,540 per metric ton. The spot price of nickel saw a 0.6 percent decline on the LME to $13,475 per metric ton.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly held steady.

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The price of Chinese primary nickel declined 1.2 percent. The price of Chinese 316 stainless coil was unchanged. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 316 stainless steel scrap held steady. The price of Chinese 304 stainless steel scrap remained essentially flat.