Nickel prices are slogging in the mid-session trades. Across the board selling in metals has gripped the markets. Nickel prices in the domestic futures markets were once in the region Rs 1323 per kg during March (6th March 2008) from where they have gyrated to 451 levels currently. This marks 66% depletion in the prices in a span of 10 months.
LME Nickel closed at $ 9890 per tonne on 17th Dec 2008 with inventories at 70722 tonnes. Global nickel prices reached an all-time high of $ 51,800 a tonne in May 2007, but were already sharply lower by the end of last year at around $ 26,000.
Earlier during the month, Asia's largest nickel producer Jinchuan Group (JNMC) in China announced to cut its nickel factory price by 5,000 yuan to 85,000 yuan per ton. The No. 1 electrolytic nickel on Shanghai spot market was priced at 85750 yuan per ton, down by 1,500 yuan. Earlier, Jinchuan has cut its nickel production by 20000 tons to 100000 tons this year on sluggish market demand.
The recent fall in global metal prices also forced the world's largest nickel miner, Norilsk Nickel International, to urgently consider an operational review of Tati Nickel Mine operations. "We have been affected by the global financial crisis and the fall in the metal prices in particular," said Tati Nickel's Manager for Organizational Capability, Peter Meswele. Halts in FNX mining operations due to decline in prices and Xstrata suspension of operations at Falcando Nickel mine was also in picture in early December. In 2007 Falcondo produced 29,130 tonnes of nickel in ferro-nickel.
Nickel is a metal whose demand is generated from the Steel sector. Nickel is mostly used to produce 300 series or Austenitic Steel. But with demand for Steel clobbered by thumping crisis, it has affected the prices of Nickel.
LME Nickel closed at $ 9890 per tonne on 17th Dec 2008 with inventories at 70722 tonnes. Global nickel prices reached an all-time high of $ 51,800 a tonne in May 2007, but were already sharply lower by the end of last year at around $ 26,000.
Earlier during the month, Asia's largest nickel producer Jinchuan Group (JNMC) in China announced to cut its nickel factory price by 5,000 yuan to 85,000 yuan per ton. The No. 1 electrolytic nickel on Shanghai spot market was priced at 85750 yuan per ton, down by 1,500 yuan. Earlier, Jinchuan has cut its nickel production by 20000 tons to 100000 tons this year on sluggish market demand.
The recent fall in global metal prices also forced the world's largest nickel miner, Norilsk Nickel International, to urgently consider an operational review of Tati Nickel Mine operations. "We have been affected by the global financial crisis and the fall in the metal prices in particular," said Tati Nickel's Manager for Organizational Capability, Peter Meswele. Halts in FNX mining operations due to decline in prices and Xstrata suspension of operations at Falcando Nickel mine was also in picture in early December. In 2007 Falcondo produced 29,130 tonnes of nickel in ferro-nickel.
Nickel is a metal whose demand is generated from the Steel sector. Nickel is mostly used to produce 300 series or Austenitic Steel. But with demand for Steel clobbered by thumping crisis, it has affected the prices of Nickel.
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