Chinese Primary Nickel Drops, The Street Predicts a Deficit

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The Street says that nickel will be in deficit in 2015 as Chinese primary nickel dropped sharply yesterday.

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Concerns about a nickel surplus have faded away, and in fact Glencore‘s Kenny Ives said at the company’s recent investor day that though he predicts a balanced 2015, a nickel deficit should emerge after that point, becoming “substantial” by 2018.

With a decline of 9.7% to CNY 107,700 ($17,316) per metric ton on Thursday, December 25, the price of Chinese primary nickel recorded the biggest decline of the day. The price of Chinese 304 stainless steel scrap saw little movement at CNY 9,850 ($1,584) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 13,350 ($2,146) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement at CNY 17,750 ($2,854) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,811) per metric ton.

The price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,761) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 90,000 ($14,470) per metric ton.

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On the LME, the nickel 3-month price declined 0.9% to $15,305 per metric ton. The nickel spot price weakened by 0.8% on the LME, settling at $15,250 per metric ton. The Indian nickel cash price saw a 0.6% decline to INR 986.40 ($15.54) per kilogram.

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