Indian major Nickel Scrap prices fall in line with MCX Nickel

MUMBAI (Scrap Register): India's major nickel scrap prices fell on the Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange as pressure seen after the last weeks Indonesian government decision sent nickel prices tumbling more than five percent at one point, as the resumption of nickel ore exports from Indonesia is projected to flood global markets and increase total supply. 

The major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) traded lower on Monday.

In futures, the most active January nickel contract on Multi Commodity Exchange fell by 1.80 percent to Rs. 697.20 per kilogram on Friday from previous close of Rs. 710.00 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 708.80 per kilogram and an intra-day low of Rs. 696 per kilogram during Monday.

Indonesia's abrupt easing of a three-year ban on nickel ore exports will not flood the global market but instead is aimed at balancing the country's smelters and creating job opportunities at mines, top mining officials said on Saturday. 

Indonesian mines may export up to 5.2 million tonnes of nickel ore a year under the country's new rules, the mining minister said, only a fraction of its shipments when it was once a top global supplier of the stainless steel material.