Baosteel: Higher Nickel Prices Next Year

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Yao Qizhong, a senior analyst of Baosteel Stainless Steel Company at 2014 Shanghai Metals Market China Metals Summit said that nickel prices are expected to rise in 2015.

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Yao said that the LME nickel price will edge higher from $17,500 per ton to $18,000 per ton next year. He added that Indonesia’s ore ban, the monsoon season in the Philippines as well as the El Nino climate phenomenon and the Chinese government’s environment protection inspections are the keys that support nickel prices.

The price of Chinese 316 stainless steel scrap closed Friday, November 28 at CNY 13,250 ($2,158). After holding steady for the past few days, the price of Chinese 316 stainless coil fell closed at CNY 22,300 ($3,632) per metric ton. The price of Chinese 304 stainless steel scrap rose by 0.9% to CNY 16,700 ($2,720) per metric ton after a three-day flat streak. Just off of a 30-day low of CNY 16,500 ($2,687) per metric ton, the price of Chinese 304 stainless coil rose 0.6% last Friday. The price of Chinese primary nickel rose 0.2% to CNY 111,900 ($18,225) per metric ton after a two-day drop.

The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,352) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,616) per metric ton.

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After falling for two days, the nickel spot price rose 0.5% on the LME to $16,300 per metric ton. The cash price of primary Indian nickel saw a 0.4% decline to INR 1,016 ($16.43) per kilogram. The nickel 3-month price is back up, rising by 0.3% on the LME last Friday to close at $16,350 per metric ton.

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