Nickel Prices to Fall Further, WBMS: 31,700 Mt of Surplus Nickel on the Global Market January-April

SHANGHAI, Jun. 24 (SMM) – 

ISSF Secretary General: China’s NPI Output to Grow 40% YoY in 2013
John Rowe, Secretary General of the International Stainless Steel Forum (ISSF) predicts that nickel pig iron (NPI) output in China will grow 40% YoY to 504,000 mt this year. 13 NPI projects in China have been confirmed or under construction, involving a total capacity of 290,000 mt/yr. Another 8 projects are still under discussion, representing 196,000 mt/yr in total capacity.

Ibris Plans to Invest USD 1.8 Bln to Build Ferronickel Plant in Indonesia
Indonesia, the world’s top nickel exporter, promulgated a law in 2009, which prohibits the export of unprocessed nickel starting in January 2014. The Indonesian government, however, may loosen its export ban somewhat due to pressure from smelters and exporters in the country.

Ibris Group signed a memorandum of understanding (MOU) with China’s Yongxing Alloy Materials last Wednesday. According to the MOU, Ibris will build a RKEF smelter in Indonesia at a cost of USD 1.8 billion. The project will be completed in two phases. The company projects that its nickel ore export this year will triple that of 2011 to 3 million mt. 

Nickel Prices Set to Fall Further on Cost Reduction in NPI Industry
It was reported that a growing number of Chinese NPI producers are using new technology. This may push nickel prices down further, which are now already at four-year low.

WBMS: 31,700 Mt of Surplus Nickel on the Global Market January-April
The World Bureau of Metal Statistics (WBMS) announced last Wednesday that surplus nickel worldwide amounted to 31,700 mt during January-April, 2013. (Edited by SMM)