BHP Billiton Ltd.’s plan to narrow its operations to 4 key commodities-coal, copper, iron ore and petroleum-suffered a setback after the world’s biggest mining company failed to sell a big nickel-producing unit, the Wall Street Journal reported.
BHP said Wednesday that it would, for now, hold on to its Nickel West mining operation in Western Australia after being unable to sell it at the right price.
After holding steady for the past few days, the price of Chinese 316 stainless steel scrap fell 21.7%, closing at CNY 12,600 ($2,052) per metric ton. The price of Chinese primary nickel continues hovering around CNY 129,050 ($21,012) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,233) per metric ton.
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 consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,609) per metric ton.
The Indian nickel cash price is back up, rising by 1.4% on Wednesday to close at INR 959.00 ($15.64) per kilogram. After a 0.1% increase, the spot price of nickel finished the day on the LME at $15,085 per metric ton. On the LME, the nickel 3-month price held steady around $15,150 per metric ton.