Tuesday, October 28, 2014

Nickel continues its impressive fall

Nickel continues its impressive fall
By the end of the week on Friday, the nickel price hits seven month low to 14,980 dollars per tonne, and at the same time the stocks on the London Metal exchange topped the roof with 378,132 tonnes.
At the beginning of the year, the metal, was expected to be the rising metal among other base metals in the year 2014, but the hopes have all been shattered and the supply has risen about 9 percent ahead of the coming year.
The commodity analysts at, Common wealth Bank, Vivek Dhar and Lanchlan Shaw, stated that, there is a high chance of nickel surplus in the year 2015-2016.
In the beginning of this year, Indonesia, the main producer as well as the exporter of high grade nickel ore, and one of the  vital exporter of nickel to the steel industry of China, banned the exports of unprocessed nickel to the world.at that time, China advanced its procedure by importing nickel from Philippines, the under developed mines Indonesia, and also imported ferro-nickel from other parts of the world to cover up the deficiency caused by the decline in the nickel imports from Indonesia. Many stainless steel producers in China, had to change the amount of nickel in their final product.

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