Former Xstrata Plc Chief Executive Mick Davis is considering a bid for Vale SA‘s nickel business, Bloomberg reported.
Davis’s investment vehicle X2 Resources values Vale’s nickel business at $5 billion to $7 billion, Bloomberg said, citing two people, who asked not to be identified because the negotiations are private.
With a decline of 5.6% to INR 901.80 ($14.55) per kilogram on Wednesday, January 14, the cash price of primary Indian nickel recorded the biggest decline of the day. A $655.00 decline in the nickel spot price on the LME left the price at $14,775 per metric ton. At $14,850 per metric ton, the nickel 3-month price on the LME was down 4.2% from the previous market day.
Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-moly moved yesterday. After a few changeless days, prices dropped 1.1% to CNY 87,000 ($14,045) per metric ton. The price of Chinese ferro-chrome finished the day at CNY 10,950 ($1,768) per metric ton following a 0.5% increase.
Today marks the fifth day in a row of declining prices for the price of Chinese primary nickel. After falling 5.1%, prices settled at CNY 104,900 ($16,935) per metric ton, driving an accelerated drop-off since Wednesday, January 7. The price of Chinese 304 stainless steel scrap fell 3.1% yesterday to CNY 9,350 ($1,509) per metric ton. The price of Chinese 316 stainless steel scrap dropped by 1.5% to CNY 12,950 ($2,091) per metric ton after holding steady. The Allegheny Ludlum 316 stainless surcharge held steady at $1.01 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 23,700 ($3,826) per metric ton.