Nickel Drops After Colombian Mining Strike Canceled

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Nickel prices fell today after a union ruled out a strike this year at Colombia’s Cerro Matoso mine.

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Workers at the mine owned by BHP Billiton Ltd. considered a walkout in a dispute over extended hours. The day’s biggest mover was the 3-month price of nickel which dropped by 1.4% on Thursday, November 27 to close at $16,300 per metric ton on the LME. Declining prices continue for the nickel spot price on the LME.

It closed at $16,225 per metric ton only after falling further, this time by. The Indian nickel cash price saw little movement yesterday, closing out around INR 1,020 ($16.51) per kilogram.

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Chinese stainless steel closed mixed on Wednesday. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,352) per metric ton for the fifth day in a row. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,621) per metric ton.

The price of Chinese primary nickel saw a 0.4% decline to CNY 111,700 ($18,196) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw little change in its price on Wednesday at $0.97 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,236) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,672) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 31,500 ($5,131) per metric ton.

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