Nickel price fall in China market
on May 28th, 2008 at 7:42 amChina’s largest nickel & cobalt maker- Gansu Jinchuan Group announced to decrease 1# refined nickel price by RMB10,000 on May 21.
It is the third time for the mill to announce price drop in May. The mill said to reduce price by RMB7,000 on May 8, and RMB10,000 on May 15.
The price slump is owing to soft demand in China market. The stainless steel mills stop buying as they still have stocks. The nickel pig iron mills also plan to stop production for a period due to no margin.
LME’s nickel price fell to about US$23~24/kg since last Friday from US$26~27/kg in previous few weeks.
SOURCE: www.yieh.com
