Cuba to Reduce Nickel Plant Production to Perform Maintenance

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Cuba is ready to make some big changes, with plans to “reduce production at one of its two nickel plants this year so it can carry out maintenance and capital improvements to make the plant competitive at low international prices,” reports Reuters.

“A report on the evening government newscast on Sunday said the Ernesto Che Guevara processing facility in eastern Holguin province would be given a major overhaul.”

“The state-owned plant, built with Soviet technology and opened in 1986, has a capacity of about 30,000 tonnes of unrefined nickel plus cobalt a year at a cost of more than $12,000 a tone.”

In metal price news for nickel…
The cash price of primary Indian nickel closed as the biggest mover for Monday, February 3. Switching from a downward trend, the metal closed following a 3.4 percent increase. The nickel spot price weakened by 1.2 percent on the LME, settling at $13,695 per metric ton. On the LME, the nickel 3-month price fell 1.0 percent to $13,740 per metric ton.

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Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.

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The price of Chinese 316 stainless coil held steady. 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. The price of Chinese 304 stainless steel scrap saw little movement. The price of Chinese primary nickel saw little price change yesterday.