Author: Paul Ploumis
29 Oct 2014 Last updated at 05:38:41 GMT
LONDON (Scrap Monster): The output of lower grade pig iron is declining, due to the effect of the price on the production rate of the current situation, and this could be favorable in balancing the market, stated the analysts, Roger Yuan and Max Layton, in the report which was published today. The monsoon in the Philippines, will undoubtedly decline the supply of nickel, which will, consequently, increase the price of nickel in the market, and also increase the cost of production in the manufacturing of nickel pig iron stated the analysts.
According to the analysts, a decline in the stock in London Metal exchange, is very much necessary to see that the nickel price to muster up from the current price. This phenomenon, is expected to start soon as the production of nickel pig iron is cut down, and it is to be noted that the destocking by China is coming to an end
The value of nickel was detained this year as the stock of London Metal Exchange hit a 45 percent hike, forming a new record. The price of the metal declined 0.5 percent to 14,176 dollars per metric tonne.
According to the est6imation made by the bank, in China, about 70,000 tonnes of nickel pig iron ore, would be cut down as an effort to reduce the level of air pollution in the city, a decision taken after the Asia-Pacific Economic Corrporation Meeting which was held at Beijing.