75 percent of the global nickel supply is used in stainless steel and super alloys which, in turn, are utilized in the construction industry and in many of the consumer goods we use every day. As countries continue to build and people become wealthier, nickel demand will continue to grow. With 170,000 Chinese peasants moving from the country to the city per day nickel’s price increases, it’s up 50% this year, are assured.
Westhaven Ventures recently announced a nickel discovery at its BEN property, located in south-central British Columbia, an area well known for hosting world class mining projects. Also in British Columbia, Westhaven is building on a gold discovery at a project just south of Merritt, called the Shovelnose.
On Friday, June 20, the Indian nickel cash price experienced the biggest change, rising 1.6 percent to INR 1,131 ($18.79) per kilogram. The 3-month price of nickel saw a 1.2 percent decline on the LME to $18,500 per metric ton. The nickel spot price weakened by 1.1 percent on the LME, settling at $18,455 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,332) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,277) per metric ton.
Following a 1.3 percent rise last Friday, the price of Chinese primary nickel closed at CNY 128,000 ($20,548) per metric ton. For the fifth consecutive day, the Allegheny Ludlum 316 stainless surcharge held flat at $1.29 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,174) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,633) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,585) per metric ton.