Scrap Metal Prices and Scrap Metal Auctions

Nickel prices to fall on soft demand
Nickel on the LME has continued to drop recently; nickel future price and spot market have also dropped to some US$21,200/ton, a new low level for the last two years.

The main reasons are that stainless steel output has being cut down in recent months, causing the demand of nickel to weaken, and the stocks to continue increasing to 46,860 tons.

South Korea’s Posco has cut output by 25,000 tons in July, and most of China’s mills have also cut the production in the third quarter amid weak demand.

Some dealers predicted that China’s stainless steel production this year will be around 8~8.5 million tons; it was previously expected to reach 9 million tons in 2008, compared to last year’s 7.5 million tons.

However the slide will be limited by high production costs, according to analysts.

source www.yieh.com

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