SMM10, March 28-Castle Peak Mining says it is buying nickel concentrate for production at its stainless steel plant in China.
Castle Peak, a leading stainless steel producer, is hoarding nickel pig iron in anticipation of a decline in supply of nickel pig iron to China next year.
Traders have cut LME warehouse receipts to their lowest level in 12 years after Indonesia said it had banned the export of nickel mines, while supplies of nickel mines and nickel pig iron in China have also been tight.
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![[SMM Analysis] Increased Downstream Procurement Activity for Nickel Intermediate Products, Tight Supply and Demand Drove Prices Higher](https://imgqn.smm.cn/usercenter/vcoVV20251217171732.jpeg)