INDIA June 20 2017 5:35 PM
MUMBAI (Scrap Register): India's major nickel scrap prices advanced on the Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange mainly due to Indonesian nickel smelters cease operations due to falling prices.
According to the Scrap Register Price Index, the major nickel scrap commodities like Nickel Plate(4x24), Nickel Plate(9x9) and Nickel Russian(4x4) advanced on the Scrap Register Price Index as on Monday.
In futures, the most active June nickel contract on Multi Commodity Exchange gained by 0.94 percent to Rs. 580.10 per kilogram on Monday from previous close of 574.70 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 586.70 per kilogram and an intra-day low of Rs. 574.70 per kilogram during Monday.
About a dozen newly constructed nickel smelters in Indonesia have stopped operations due to a plunge in nickel prices while others are operating at a loss, an industry association executive said.
Thirteen smelters with a combined capacity of 750,000 tons of nickel pig iron a year were forced to cease operation because nickel prices reached as low as around $8,000 a ton, Jonatan Handojo, deputy chairman of the Indonesian Smelter Association told, declining to name the owners of the smelters.