MUMBAI (Scrap Register): India's major nickel scrap prices stayed steady on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange advanced by 3.57 percent mainly due to pick up in demand from consuming industries in the spot market amid a firm global trend.
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According to the Scrap Register Price Index, the major nickel scrap commodities like nickel indco canada (4x24), nickel indco canada (4x4) , nickel plate(4x24), nickel plate(9x9), nickel russian (4x24), nickel russian(4x4) and nickel russian(9x9) showed a flat trend on Friday.
In futures, the most active February nickel contract on Multi Commodity Exchange climbed by 3.57 percent to Rs. 710.80 per kilogram on Friday from previous close of Rs. 686.30 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 712.60 per kilogram and an intra-day low of Rs. 691.80 per kilogram during Friday.
Nickel was said to be in a supply deficit last year of 209,000 metric tons and is projected to remain in deficit this year to the tune of 188,000 mt. The Philippines has just ordered the closure of 21 mines and the suspension of another six.
The island chain is a source of around half of the country’s nickel output. After Indonesia’s 2014 export ban, the Philippines became the world’s largest exporter of nickel ore and the primary supplier to China’s massive nickel-pig iron industry, raw material for the alloying of stainless steel.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
