How The Prospective Philippine Ore Ban Scare Affected the Nickel Market

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News that the Philippines was preparing to follow Indonesia in banning exports of unprocessed minerals caused panic in the London nickel market last week… Until it emerged on Tuesday that any Philippines ban is several years away. Reuters’ Andy Home examines how panics such as this one affect nickel and other metals prices.

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The spot price of nickel traded sideways, keeping at $19,225 per metric ton on the LME on Tuesday, September 9. The nickel 3-month price remained essentially flat on the LME at $19,325 per metric ton. Following a two-day rise, the Indian nickel cash price flattened at INR 1,204 ($19.91).

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,351) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,610) per metric ton.

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The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.26 per pound for the fifth day in a row. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,234) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,670) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,622) 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 ($2,670) per metric ton.

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