Western Areas’ profits were up thanks to the nickel price improvement in the June half with the company posting a $26.3 million (AUS $28.3 million) profit.
The strong showing compares with the $4 million result in the preceding December half when nickel prices had yet to take off in response to Indonesia’s ban on the export of unprocessed ores.
The resultant full-year profit comfortably exceeded market expectations, the Australian reported.
Following two days of increases on the LME, the nickel spot price dropped by 0.2 percent to end at $18,725 per metric ton on Friday, August 22. The Indian nickel cash price rose 0.2 percent to INR 1,151 ($19.01) per kilogram. The nickel 3-month price steadied at $18,865 per metric ton following two-days of increases on the LME.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,349) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,567) per metric ton.
For the fifth day in a row, the Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.28 per pound. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,226) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,666) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,617) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,666) per metric ton.