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China Nickel Prices To Stay Firm On Demand, Restocking -Barcap

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BEIJING, Sept. 10 -- Some 40,000 metric tons of capacity in nickel pig iron production has been in operation so far this year, but current consumption levels have kept domestic nickel prices firm, Barclays Capital said in a report late Tuesday.
&nbsp;&nbsp;&nbsp; Despite the potential for further capacity to come online due to higher prices, the strength of the restocking cycle among developed economies and robust demand in China should keep the global market in a 16,000-ton deficit in the second half of the year, and extend to a 22,000-ton deficit in 2010.
&nbsp;&nbsp;&nbsp; This should result in an average price of $21,000/ton in the fourth quarter, followed by $23,375/ton in 2010, according to Barclays.
&nbsp;&nbsp;&nbsp; London Metal Exchange nickel prices were $18,200/ton around 0600 GMT Wednesday.
&nbsp;&nbsp;&nbsp; Chinese spot nickel prices have risen about 6% in a month to CNY137,500/ton Wednesday, from CNY130,070/ton, as quoted on the Shanghai Nonferrous Metals Market.
&nbsp;&nbsp;&nbsp; &quot;From a bearish perspective, analysts have pointed to the steady trickle of material into the LME's Rotterdam warehouse, where stocks have risen by 11,000 tons over the past month to 117,000 tons, as evidence of oversupply,&quot; Barcap said. &quot;In our view, these...perspectives on nickel are misplaced.&quot;
&nbsp;&nbsp;&nbsp; While acknowledging that the level of Chinese nickel pig iron production restarts has been difficult to gauge, OECD demand recoveries in the nickel market have &quot;typically been very aggressive&quot; in recent years, according to the note.
&nbsp;&nbsp;&nbsp; &quot;Stainless mills in Europe report that order activity picked up in July, with restocking by distributors the key driver so far. Activity is likely to escalate further.&quot;
&nbsp;&nbsp;&nbsp; (Source: Dow Jones) 
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