Eramet Postpones Indonesian Mine, Backs Ban to Help Nickel Prices

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The French mining and metals company Eramet is supportive of the Indonesian ban. The company “postponed its flagship nickel mine project in Indonesia on Friday citing depressed prices which it said would find support from the country’s ban on unrefined mineral exports,” reports Reuters.

“Benchmark prices of nickel, mainly used in stainless steel, languished at four-year lows for much of 2013 due to global oversupply, leaving many producers operating at a loss.”

“Indonesia, the world’s largest exporter of nickel ore, last month went ahead with a ban on shipments of unrefined metals, including the ore, boosting international prices on prospects that the global surplus would be curbed.”

“‘We hope that this ban is going to be kept firmly in place,’ chairman and chief executive Patrick Buffet said at a presentation of Eramet’s 2013 results.”

“‘This is the factor that could bring a recovery in the nickel market within a reasonable period.'”

In metal price news for stainless steel and nickel…
The biggest mover this week was the price of Chinese primary nickel with a 0.6 percent fall on the weekly Stainless MMI® to close the week. The week finished with no movement for Chinese 304 stainless steel scrap. The price of Chinese 316 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 304 stainless coil closed flat. Chinese 316 stainless coil traded sideways last week.

Chinese ferro-chrome remained essentially flat from the previous week. Chinese ferro-moly prices held steady from the previous week.

* Get the complete prices every day on the MetalMiner IndX℠

Korean 430 stainless steel coil remained unchanged for the week. Prices for Korean 304 stainless coil remained constant.

Following a 2.6 percent increase in the week prior, the cash price of primary Indian nickel fell 0.3 percent. The nickel 3-month price rose 0.3 percent on the LME over the past week to $14,300 per metric ton. On the LME, the spot price of nickel ticked up 0.2 percent over the past week to $14,260 per metric ton.

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The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.