Miners in the Philippines say they will be able to fulfill their 2014 contracts as they have factored in the impact of the annual monsoon. Seasonal rains are set to disrupt nickel mining in the Philippines for the next 4 months or so.
With a ban on raw metal shipments by former top exporter Indonesia, the seasonal decline in the Philippines’ output could force China’s vast stainless steel industry to run down its stocks of nickel ore, reigniting a rally in nickel prices, Reuters reported.
Weakening prices changed direction when the Indian nickel cash price rose 4.9% on Wednesday, October 15 to INR 1,064 ($17.36) per kilogram. On the LME, the nickel spot price fell 1.3% to $16,175 per metric ton. The 3-month price of nickel saw a 1.2% decline on the LME to $16,270 per metric ton.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around 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 ($23,609) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.25 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,233) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,621) 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 ($2,670) per metric ton.