In Indonesia, unofficial counts by most survey companies had Jakarta Governor Joko Widodo securing more votes than his opponent in the presidential election, and the nation may relax a ban on ore exports imposed in January. China’s total exports in June trailed estimates by analysts, data showed today, Bloomberg Businessweek reported.
“After the elections, the market expected much of those restrictions that have been plaguing the raw-ore exports to ease up somewhat,” Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview with Bloomberg Businessweek. “The other factor is the problem that some perceive with the export numbers from China.”
If the ban is even eased it would create much more supply of nickel and stainless steel.
On Wednesday, July 9, the cash price of primary Indian nickel experienced the biggest change, rising 1.4 percent to INR 1,185 ($19.83) per kilogram. Following a two-day drop, the spot price of nickel increased by 1.4 percent on the LME to $19,435 per metric ton. Following a 1.3 percent rise on Wednesday, the nickel 3-month price closed on the LME at $19,530 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,338) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,382) per metric ton.
The Allegheny Ludlum 316 stainless surcharge held steady at $1.31 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,193) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,645) 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 ($2,596) 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 ($2,645) per metric ton.