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Home / Metal News / Inquiries Increase, Pushing up Nickel Ore Prices

Inquiries Increase, Pushing up Nickel Ore Prices

iconJan 5, 2010 00:00
Source:上海有色金属网

SHANGHAI, Jan. 5 (SMM) -- Prices of a portion of high-grade nickel ore advanced slightly recently due to rising NPI prices and increasing inquiries at ports. Prices were RMB 270-320/mt for (1.4-1.6%) nickel ore and RMB 450-470/mt for (2.0-2.1%) nickel ore.

Recently, (4%-6%) NPI and (10% -15%) NPI markets stabilized, with prices up slightly compared with previous levels. (4%-6%) NPI producers reported limited supply and low inventory levels, with orders signed till mid-January 2010. In addition, many (10% -15%) NPI producers resumed production after November 2009, and market insiders said newly-increased projects in Jiangsu, Henan and Inner Mongolia will come online gradually in 2010, with most newly-increased projects belonging to NPI projects with electric arc furnaces, helping raise demand for nickel ore. Meanwhile, nickel prices soared recently, and raw materials prices advanced as well, increasing producer expectations of further gains in raw materials prices in 2010. In this context, inquiries for nickel ore were up recently, but most traders said actual trading volumes failed to increase significantly.

Nickel ore and coke prices increases helped raise production costs at NPI producers. Although NPI producers hope that NPI prices can move higher, low purchase interest by buyers will curb any upward momentum in NPI prices. In the mean time, any further upward movement in nickel ore prices will also be limited given current huge inventories.

 

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