India Nickel Scrap prices drop; Nickel Futures fall despite Indonesia, Philippines supply issues

INDIA January 02 2017 3:15 PM

MUMBAI (Scrap Register): India's major nickel scrap prices dropped on Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange settled down despite supply-side issues in Indonesia and the Philippines have again taken centre stage of the nickel market.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) traded down during Friday.
In futures, the most active January nickel contract on Multi Commodity Exchange settled down by 1.20% to Rs. 683.40 per kilogram on Friday from previous close of Rs. 691.60 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 694.30 per kilogram and an intra-day low of Rs. 682.60 per kilogram during Friday.
After Indonesia implemented a ban on nickel ore exports in January 2014, Chinese enterprises have stepped up their efforts to establish nickel smelters in Indonesia to meet growing nickel pig iron (NPI) demand from China’s stainless steel sector. 
Prior to the ban in 2014, Indonesia was the top supplier of laterite ore to China, supplying more than 50% of Chinese imports.