Norilsk Nickel, the world’s biggest producer of nickel and palladium, sees nickel prices recovering this year, it said on Monday after reporting a 64 percent drop in net profits due to write-offs, Reuters reported. Nickel prices are up 16 percent this year after large-scale producer Indonesia instituted an export ban of the alloying metal for stainless steel in January.
Norilsk is owned in part by Russia’s aluminum giant UC Rusal.
On Friday, April 4, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 1.8 percent increase to INR 1,000.00 ($16.56) per kilogram. After a 0.1 percent increase, the nickel spot price finished the day on the LME at $16,140 per metric ton. On the LME, the nickel 3-month price increased 0.1 percent to $16,190 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,337) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,349) per metric ton.
After a 1.2 percent increase, the price of Chinese primary nickel finished the day at CNY 105,800 ($17,036) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,187) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,641) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,592) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,641) per metric ton.