3-Month Price of Nickel Drops Nearly 3%, Indonesian Election Result Drawn Out

by on

Political tensions in Indonesia rose on Thursday, the New York Times reported, a day after the country’s hotly contested presidential election, as the supporters of the two candidates accused each other of cheating.

FREE Download: The Monthly MMI® Report – covering the Stainless/Nickel markets.

Official vote counts in the far-flung archipelago always take weeks to physically count, but winners usually become quickly apparent through so-called quick counts, in which independent polling firms tally ballots from a sampling of polling places nationwide. Although the most respected of those companies indicated that Joko Widodo, the populist governor of Jakarta, had a lead of four to six percentage points, his opponent’s campaign has suggested those companies are biased. The final vote tally must be announced no later than July 22.

Both candidates have indicated they would keep Indonesia’s raw ore export ban in effect if elected, but if there is even any loosening of the ban it would highly impact the price of nickel, as Indonesia was the number one exporter of nickel ore before the ban was put into effect in January.

The 3-month price of nickel fell 2.9 percent on Friday, July 11 to $19,025 per metric ton on the LME, making it the day’s biggest mover. The spot price of nickel changed direction with a 2.8 percent drop. After two days of improving prices, the metal finished at $18,965 per metric ton on the LME. The Indian nickel cash price saw a 0.2 percent decline to INR 1,171 ($19.46) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel prices were flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,338) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,377) per metric ton.

The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.31 per pound for the fifth day in a row. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,192) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,644) 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 remained essentially flat at CNY 16,400 ($2,644) per metric ton.

{Comments Off on 3-Month Price of Nickel Drops Nearly 3%, Indonesian Election Result Drawn Out Comments Off on 3-Month Price of Nickel Drops Nearly 3%, Indonesian Election Result Drawn Out}