Glencore Kicks BHP Australia’s Tires, as LME Nickel Price Drops

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Glencore Xstrata is considering purchasing BHP Australia’s nickel assets, according to Bloomberg, while the nickel spot price saw a 1.3 percent drop on the LME on Tuesday, landing at $15,130 per metric ton and making it the biggest mover of the day on our stainless and nickel index.

Also on the LME, the 3-month price of nickel fell 1.1 percent to $15,160 per metric ton. The cash price of primary Indian nickel increased 1.1%.

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BHP’s Nickel West operations in Western Australia produced 103,300 metric tons of the metal in 2013. The assets include the Mount Keith open-cut nickel mine and concentrator, two underground mines and a concentrator at Leinster, nickel concentrate and smelting plants at Kalgoorlie and the Kwinana site, which produces nickel briquettes and powder. China’s largest nickel producer, Jinchuan, raised its benchmark nickel price on Wednesday, tracking the metal’s performance on the LME.

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

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The price of Chinese primary nickel weakened by 0.9 percent. The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil held steady. 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.

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