Nickel strikes another fresh high; Stainless steel price continues to rise
无锡不锈钢市场
2007-4-27 0:10:05
Nickel price hits another new record high, after the LME reported a fall in stocks. Nickel, a key in composing of stainless steel, upped to US$46,725/MT on March 12 and even higher on March 13 at US$4,7195/MT. Now it is almost three or four times compared to last year. Besides, some of analysts even predicted that nickel would hit US$50,000/MT in the near future, which jumped more than 10 times up than year 2001. Certainly, the stainless steel price is expected to be largely affected by higher nickel price.
China grows in nickel ore imports in 2006
Chinese stainless steel mills have raised their transaction price for coil and sheet since March. Meanwhile the new China’s tax rebate policy will affect prices of many steel items, especially the stainless steel products. China reported a 6.8 times growth in nickel ore imports in 2006. The reasons for high imports are China’s strong demand from stainless steel industries and limited nickel reserves.
According to General Administration of Customs, China in 2006, imported around 3.78 million tons of nickel ore, which is 6.8 times higher than 2005. The total cost of importing nickel ore reached around US$440 million in 2006. China relied heavily on the imports from Philippines. The Philippines shipped about 3.5 million tons of nickel ore to China, 11.6 percent higher than 2005 while the annual output of nickel is around 1.3 million tons in the globe.
The demand of nickel in China is undoubtedly on a rise because of the limited nickel ore resources. Therefore, there is a little scope to raise the domestic production and this is why China depends on imports heavily to meet its demand. Two-third of the nickel is used in stainless steel production, 20 percent for coils and alloys and 10 percent for electroplating.
Export of nickel pig iron from China up in January
Low-grade nickel pig iron exported to Japan and India from China has upped during January. According to trade figures, stainless steel producers are looking for a lower cost alternative in soaring nickel prices. Analysts comment the production of China’s nickel reaching around 30,000 MT in 2006 and will raise to 40,000-70,000 MT in 2007. China export data reported that exports of ferro-nickel in this January to Japan and India were increasing to 1,150 tons from 103 tons in whole 2006. So far, the use of pig iron in stainless steel has been limited to lower-grade 200 series stainless steel.
According to LME, Australia’s largest nickel producer, BHP Billiton and other local miners such as Minara Resources and Jubilee Mines, are working hard to catch growing prices by providing more sources for their current production capacities. At the moment, the inventory situation is extremely tight and also it is very difficult to know to which extent the nickel is going to peak for another history records.
China grows in nickel ore imports in 2006
Chinese stainless steel mills have raised their transaction price for coil and sheet since March. Meanwhile the new China’s tax rebate policy will affect prices of many steel items, especially the stainless steel products. China reported a 6.8 times growth in nickel ore imports in 2006. The reasons for high imports are China’s strong demand from stainless steel industries and limited nickel reserves.
According to General Administration of Customs, China in 2006, imported around 3.78 million tons of nickel ore, which is 6.8 times higher than 2005. The total cost of importing nickel ore reached around US$440 million in 2006. China relied heavily on the imports from Philippines. The Philippines shipped about 3.5 million tons of nickel ore to China, 11.6 percent higher than 2005 while the annual output of nickel is around 1.3 million tons in the globe.
The demand of nickel in China is undoubtedly on a rise because of the limited nickel ore resources. Therefore, there is a little scope to raise the domestic production and this is why China depends on imports heavily to meet its demand. Two-third of the nickel is used in stainless steel production, 20 percent for coils and alloys and 10 percent for electroplating.
Export of nickel pig iron from China up in January
Low-grade nickel pig iron exported to Japan and India from China has upped during January. According to trade figures, stainless steel producers are looking for a lower cost alternative in soaring nickel prices. Analysts comment the production of China’s nickel reaching around 30,000 MT in 2006 and will raise to 40,000-70,000 MT in 2007. China export data reported that exports of ferro-nickel in this January to Japan and India were increasing to 1,150 tons from 103 tons in whole 2006. So far, the use of pig iron in stainless steel has been limited to lower-grade 200 series stainless steel.
According to LME, Australia’s largest nickel producer, BHP Billiton and other local miners such as Minara Resources and Jubilee Mines, are working hard to catch growing prices by providing more sources for their current production capacities. At the moment, the inventory situation is extremely tight and also it is very difficult to know to which extent the nickel is going to peak for another history records.
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