Indonesia’s ban on nickel ore exports is resonating globally as prices climb to the highest since 2012, prompting companies from Avebury Nickel Mines Ltd. to Poseidon Nickel Ltd. to restart operations at idled mines, Bloomberg News reported.
Avebury, based in Perth, plans to reopen a deposit in Tasmania six years after it was mothballed. Poseidon is preparing to resume production at a mine in Western Australia, while Panoramic Resources Ltd. may restart mining at its Copernicus deposit in the same state.
More producers globally may reactivate facilities as prices extend gains, according to OAO GMK Norilsk Nickel, the world’s largest supplier.
On Monday, August 11, the 3-month price of nickel fell by 1.6 percent on the LME, landing at $18,675 per metric ton and making it the day’s biggest mover. On the LME, the spot price of nickel fell 1.3 percent to $18,610 per metric ton. Following two days of rising prices, the Indian nickel cash price dropped 0.7 percent to INR 1,156 ($18.91) per kilogram.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,348) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,542) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.28 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,221) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,663) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,614) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,663) per metric ton.