Canadian Nickel Miner Sherritt Predicts Rising Prices in 2015

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Sherritt International, a Canadian nickel miner with operations in Madagascar and Cuba, said it expects the price of the metal to rally as the market swings to deficit as soon as next year.

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“On longer-term supply and demand fundamentals, which ultimately have to govern here, we think we’re going to move from several years of surpluses to a period of a few years of probably supply deficits,” Sherritt Chief Executive Officer David Pathe told Business News Network Canada.

“And that will be positive for the nickel price.”

At INR 981.70 ($16.01) per kilogram, the cash price of primary Indian nickel moved up 4.7% on Friday, November 7, making it the day’s biggest mover. After falling for two days, the 3-month price of nickel rose 2.0% on the LME to $15,325 per metric ton. The nickel spot price is back up, rising by 1.8% on the LME last Friday to close at $15,250 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,609) per metric ton.

The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.06 per pound. For the fifth day in a row, 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 was unchanged at CNY 16,400 ($2,670) per metric ton.

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