Author: Paul Ploumis
01 Dec 2014 Last updated at 07:30:21 GMT
LONDON (Scrap Monster): Since the year 2005, nickel has been destructed as well as declining from the heights, the sudden and intense decline in the value of the metal, has caused massive closure of nickel mines, which in turn lead to large scale unemployment. The main reason behind the fall of nickel price was the decline in the demand for stainless steel, and also the growth in the demand for plain steel used in construction.
According to the IBIS World, the price of nickel had reached to the highest points of unknown heights after the financial crisis, and also shattered due to the lack of economical development all over the world, in the following years.
According to the forecasts there are chances that the future of nickel could be better, but best is not an option. In the month of May, this year, the value of nickel reached a two year high, but the condition of the metal has been worsening since then as it soon declined to 25 percent lower.
The reason for the hike in the price was the sudden ban of Indonesia, on the export of unprocessed nickel, which increased the price of the metal by 56 percent at that time. But the gain was suddenly turned to decline, when other nickel producers filled the hole created by Indonesia, with the supply of nickel which was more than required.