French Mining group Eramet reported today that its operating income has been restored to positive after being in the red for the previous two quarters.
Eramet’s current operating income became positive again at 14 million euros in the 1st half of 2014, an improvement of 23 million euros compared to a year ago and showed an improvement of 50 million pounds on 2nd half of 2013. The company attributed the results to volatile nickel prices, which were very low early in the year before picking up in the second quarter, Fastmarkets.com said.
Following two days of increases on the LME, the nickel 3-month price dropped by 2.1 percent to end at $18,825 per metric ton on Tuesday, July 29. The nickel spot price closed at $18,775 per metric ton. Following a couple days of improvement, prices fell by 2.0 percent on the LME. The cash price of primary Indian nickel fell 0.7 percent to INR 1,149 ($19.12) per kilogram.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,341) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,434) per metric ton.
After three straight days of no change, the price of Chinese primary nickel decreased by 1.3 percent to CNY 129,850 ($20,986) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.28 per pound. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,202) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,650) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,602) per metric ton.