INDIA May 16 2017 5:31 PM
MUMBAI (Scrap Register): India major nickel scrap prices dropped on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange fell by 2.02 percent as wariness over policy changes in two major nickel producing countries, Indonesia and the Philippines.
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) dropped further on Monday.
In futures, the most active May nickel contract on Multi Commodity Exchange declined by 2.02 percent to Rs. 587 per kilogram on Monday from previous close of 599.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 601.30 per kilogram and an intra-day low of Rs. 586.20 per kilogram during Monday.
Indonesia and the Philippines accounted for almost 30 percent of global mine production in 2016, most of which was used to produce nickel pig iron — an alternative to refined nickel — in China and Indonesia. So any suggestion of changes in the supply from either of these countries has a huge impact on market sentiment and, ultimately, prices.