SHANGHAI, Nov 25 (SMM) — A large-scale ferronickel plant in East China has taken the initiative to reduce production by 50% due to the sluggish ferronickel market. It has started to reduce production at the beginning of this month.
There were few transactions in the past two months and the market was oversupplied. The large-scale plant has taken the initiative to reduce production and some small plants are short of raw materials recently. The production will also decline and the concentrated production reduction will occur at the end of the year. The supply reduction is likely to support the prices of ferronickel. The downstream stainless steel market will be monitored.
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