Australian nickel prices could rise by as much as 20% in the coming year according to a leading industry analyst.
Carey Smith from Alto Capital told ABCnet.au that the falling Aussie dollar coupled with Indonesia’s export ban all bode well for producers. Around a third of the world’s known nickel deposits lie in Australia and in the west, in particular.
Smith says producers now have to take the opportunities that higher prices offer and re-invest in exploration here at home.
The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,353) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,628) per metric ton.
After three straight days of no change, the Allegheny Ludlum 316 stainless surcharge decreased by 1.1% to $1.25 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 ($4,237) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,672) 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 ($2,624) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,672) per metric ton.
The Indian nickel cash price experienced a big shift yesterday, gaining 5.1% to finish at INR 1,113 ($18.30) per kilogram. On the LME, the spot price of nickel increased 0.3% to $17,180 per metric ton. On the LME, the nickel 3-month price gained 0.1% to finish at $17,250 per metric ton.