Production from the Koniambo nickel plant in the South Pacific French territory of New Caledonia has been suspended after a metal spill last week, part owner Glencore said last week.
Output was put on hold after the spillage from a furnace was detected on Dec. 26, with an investigation underway to determine the cause of the incident, according to Glencore.
An initial assessment by staff at the site showed no major structural damage and the impact was contained in a metal tapping area, the company said.
On Friday, January 2, the price of Chinese primary nickel fell by 0.7%, landing at CNY 107,900 ($17,367) per metric ton and making it the day’s biggest mover. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 9,850 ($1,585) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 13,350 ($2,149) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil showed little movement last Friday at CNY 17,500 ($2,817) per metric ton. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 23,700 ($3,815) per metric ton.
The price of Chinese ferro-chrome saw little movement at CNY 10,950 ($1,762) per metric ton. The price of Chinese ferro-moly held steady at CNY 90,000 ($14,486) per metric ton.
On the LME, the nickel 3-month price gained 0.6% to finish at $15,020 per metric ton. After a 0.5% increase, the nickel spot price finished the day on the LME at $14,930 per metric ton. The cash price of primary Indian nickel increased 0.4% to INR 975.90 ($15.47) per kilogram.