Norilsk Nickel has “said it cut nickel output in 2013 due to a reduction of grades in the processed ore, lower deliveries of semi-finished products and the mothballing of its Lake Johnston operations in Australia,” reports Reuters.
“Norilsk, the world’s largest nickel and palladium miner, trimmed spending last year and focused on its lucrative assets in Russia’s Arctic to cope with weak metals prices.”
“Its nickel output fell to 285,292 tonnes in 2013, down 5 percent from the previous year, while palladium output fell 3 percent to 2.7 million troy ounces and platinum production was down 5 percent at 651,000 ounces, Norilsk said in a statement on Friday.”
“Copper was its only major metal with an increase in production – up 2 percent to 371,063 tonnes in 2013.”
In metal price news for stainless steel and nickel…
The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 6.4 percent decline. This comes on the heels of a 1.6 percent increase the week before. Following a 1.0 percent increase in the week prior, the nickel 3-month price fell 5.6 percent on the LME last week to $13,880 per metric ton. The nickel spot price fell 5.3 percent on the LME to $13,860 per metric ton after rising 1.0 percent the week before.
Chinese stainless steel prices were mixed for the week. The price of Chinese ferro-chrome did not change since the previous week. Prices for Chinese ferro-moly remained constant.
Following a 0.2 percent drop, the price of Chinese primary nickel finished the week. The price of Chinese 304 stainless steel scrap did not change since the previous week. Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil traded sideways last week. The week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil remained essentially flat from the previous week. Korean 304 stainless coil prices held steady from the previous week.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.