Nickel is poised to rally a further 20 percent this year as Indonesia’s ban on exports of ore push the market toward a global shortage and unrest increases in Ukraine, a Bloomberg News survey of analysts and traders shows.
With a 2.6 percent increase over the past day, the Indian nickel cash price was the biggest mover, closing at INR 1,130 ($18.78) per kilogram on Tuesday, May 6. On the LME, the spot price of nickel showed little movement yesterday, hovering around $18,180 per metric ton. The 3-month price of nickel remained essentially flat on the LME at $18,225 per metric ton.
Prices for the industrial metal used to make stainless steel since January will climb to $22,000 a metric ton by the end of 2014, according to the median of 13 estimates in a survey by Bloomberg.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,329) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,216) per metric ton.
The price of Chinese primary nickel gained 1.0 percent to finish at CNY 125,500 ($20,094) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.16 per pound. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,163) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,626) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,578) per metric ton.