Posted: November 7th, 2013 | Author: Rod Sherkin | Filed under: Metals, Nickel, Stainless Steel | Tags: nickel, nickel future, nickel glut, nickel inventory, nickel output, nickel price, nickel production, nickel supply | No Comments »
Nickel stockpiles tracked by the London Metal Exchange, which have surged 71 percent this year, reached an all-time high of 239,958 metric tons yesterday. This is a market in chronic oversupply resulting from systemic over-production.
Nickel dropped to a two-week low in London as record inventories are fueling concern that ample supplies will overwhelm demand for the metal, used to make stainless steel. Copper also slid.
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Posted: October 23rd, 2013 | Author: Rod Sherkin | Filed under: Nickel | Tags: nickel, nickel future, nickel indonesia, nickel market, nickel outlook, nickel price | No Comments »
Nickel jumped to a nine-week high in London as investors purchased the metal to close out bets on mounting concern that ore exports will be halted next year from Indonesia, the world’s largest producer.
Nickel for delivery in three months climbed 3.4 percent to settle at $14,850 a metric ton at 5:51 p.m. local time on the LME. Prices reached $14,880, the highest since Aug. 19.
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Posted: October 4th, 2013 | Author: Rod Sherkin | Filed under: Nickel | Tags: nickel, nickel future, nickel indonesia, nickel outlook, nickel price, nickel production, nickel surplus | No Comments »
Nickel producers face a global surplus of 140 000 t this year due to disappointing demand and new production projects, a monthly bulletin from the International Nickel Study Group (INSG) forecast on Thursday.
The nickel surplus is a 40% increase from 2012 and INSG predicts that the excess supply will continue into next year, albeit at a lesser amount of 120 000 t. It added that 2014 figures could also be hit by the introduction of Indonesia‘s export ban on nickel ore.
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Posted: August 23rd, 2013 | Author: Pascal Blanc | Filed under: Commodities, Metals, Nickel | Tags: nickel, nickel future, nickel market, nickel price, nickel production, nickel surplus | No Comments »
Whereas Deutsche Bank indicated that the nickel market outlook would be better in the first quarter, global nickel market was in surplus by 74,200 tonnes in the first six months of the year, a monthly bulletin from the Lisbon-based International Nickel Study Group (INSG) showed on Tuesday.
Deutsche Bank expects nickel prices to climb from an average of $15,000 per tonne ($6.80 per pound) in the current quarter to $16,500 per tonne ($7.48 per pound) in the fourth quarter and $18,000 per tonne ($8.16 per pound) in the first quarter of 2014 before retreating to $17,000 per tonne ($7.71 per pound) in the second quarter of next year.
On the other hand, BNP Paribas said nickel may have bottomed in July, yet the upside is limited after a recent rally and the metal likely will under-perform tin in particular.
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Posted: July 10th, 2013 | Author: Rod Sherkin | Filed under: Metals, Nickel, Stainless Steel | Tags: nickel, nickel china, nickel future, nickel output, nickel price, nickel production | 1 Comment »
Nickel prices fell to a four-year low, in the latest fallout from slowing economic growth in China, the metal’s biggest user. Nickel prices are bearing the brunt of a steep decline in metals markets this year.
Nickel futures fell as low as $13,205 a metric ton Tuesday on the London Metal Exchange, its lowest price since May 2009, and ended the day down 0.8%, at $13,325. Prices have dropped 22% since the start of the year.
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Posted: May 10th, 2013 | Author: Rod Sherkin | Filed under: China, Metals, Stainless Steel | Tags: metal, metal index, metal price, nickel, nickel price | No Comments »
The Stainless MMI® took a rather large blow in May, falling 6 points from 91 to 85, primarily on the back of falling nickel prices, falling 304 prices in China as well as 304 China scrap prices.
A nickel glut has forced down the price by nearly about 50 percent since 2011, according to a recent Reuters report.
via Historical Nickel Price Tumbling, Takes Monthly Stainless Index Down | MetalMiner
Posted: November 28th, 2012 | Author: Pascal Blanc | Filed under: Metals | Tags: australia, canada, nickel, nickel price, nickel production | No Comments »
The International Nickel Study Group predicts an increase in the supply of nickel next year leading to a surplus of 70,000 tonnes. Several projects are either already planned or going live shortly.
This is the case with Koniambo in New Caledonia which will start commercial production at the beginning of January, or the refinery project between Taganito Mitsui & Co and Sumitomo Metal Mining in the Philippines, despite a Japanese nickel market with an excess of 15,000 tons over three quarters.
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Posted: May 31st, 2012 | Author: Rod Sherkin | Filed under: Metals, Stainless Steel | Tags: metal, nickel, stainless steel | No Comments »
Nickel fell 12 percent this year on prospects for the biggest surplus since 2009. Morgan Stanley now predicts the glut will peak in 2012 and Barclays says prices should rally toward the end of the year on strengthening demand from stainless-steel makers, the biggest consumers.
The rebound may not happen until then as China runs down record ore stockpiles accumulated in anticipation of the Indonesian ban.
After slumping more than any other industrial metal, analysts and traders say the worst may be over for nickel as restrictions on shipments from Indonesia, the biggest producer, diminish a worldwide glut.
via Nickel Slump Seen Ending as China Faces Ore Import Curbs – Bloomberg.
Posted: August 19th, 2011 | Author: Rod Sherkin | Filed under: Commodities | Tags: commodities | No Comments »
Commodities rebounded as silver, copper and gasoline gained on speculation that growth in developing countries will be strong enough to boost raw materials demand. Gold advanced to a record as stocks fell.
The Standard & Poor’s GSCI Index of 24 commodities rose as much as 1.5 percent, after plunging 3.3 percent yesterday. Silver futures were up 2.9 percent at 10:46 a.m. in New York, sugar rose 3.2 percent, and gasoline gained 1.7 percent. Copper advanced for the third time this week, and gold rallied as much as 3.3 percent to $1,881.40 an ounce, the highest ever.
via Commodities Rebound, as Gold Climbs to a Record in New York, Nickel Gains – Bloomberg.
Posted: July 3rd, 2011 | Author: Rod Sherkin | Filed under: Metals, Stainless Steel | Tags: stainless steel | No Comments »
Reportedly, stainless steel buyers tend to hold orders and avoid higher stock this quarter as nickel prices fall to USD 22,000 per tonne from February.
Poor stainless steel demand takes less chrome and molybdenum, leading to weaker stainless prices. Major stainless steel mills also decreased the demand for nickel, chrome and could stimulate further falls in surcharges.
Mr Markus Moll MD of SMR Steel and Metals Market Research said that stainless output has reached pre crisis level, yet China has become the net exporter of stainless.
via Steel Guru : Stainless steel buyers tend to hold orders on down nickel prices.