Derek Burleton, deputy chief economist and vice president for the TD Bank group, recently said that it is not the increased demand that will propel nickel prices up next year, but the several quandaries that hit the sector in 2014.
Amongst which is Indonesia’s prohibition of its nickel ore exportation to prioritize its domestic ore processing and to boost its local mining industry.
The day’s biggest mover was the 3-month price of nickel which dropped by 1.7% on Wednesday, December 31 to close at $14,925 per metric ton on the LME. On the LME, the spot price of nickel declined 1.7% to $14,850 per metric ton. At INR 972.40 ($15.35), the Indian nickel cash price finished the market day up 0.2% per kilogram.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 10,950 ($1,766) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 90,000 ($14,511) per metric ton.
After a 0.7% increase, the price of Chinese primary nickel finished the day at CNY 108,700 ($17,526) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.01 per pound. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,821) per metric ton. Chinese 304 stainless coil stayed flat at around CNY 17,500 ($2,822) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 13,350 ($2,152) per metric ton.