Nickel............
Nickel prices were seen appreciating after a
bloodbath in last four days both on MCX and LME. The MCX Nickel was seen
trading at Rs 923 per kg, up 1% on technical buying. The metal markets
have seen bargain buying ahead of weekend.
Indian Nickel
corrected from the top of Rs 994 per kg and when it seemed that it will
cross Rs 1000 per kg. LME Nickel was appreciating pretty fast and was
last seen at $ 16901 per tonne, up $ 61 per tonne.
China that is
the main consumer of stainless steel in the world has been struggling
offlate due to higher production and lower offtake. Now the government
is also acting in order to decrease the prices in property markets. This
has strained Nickel that is used in producing austenitic steel grades.
According to statistics released by the Stainless Steel Council
of China Special Steel Enterprise Association (CSSC), Chinas crude
stainless steel production totaled 16.087 million tons in 2012, rising
by 14.17% year on year.
Production of chrome-nickel based
stainless steel was 7.926 million tons, rising by 9.54%. chrome based
stainless steel production was 3.208 million tons increasing by 2.95%
and 4.953 million tons were chrome-manganese based stainless steel,
increasing by 32.47%, all compared to those in a year ago.
In
2012, China imported 772000 tons of stainless steel products, decreasing
by 14.32% and the country exported 2.064 million tons of stainless
steel products, falling by 8.06%, both compared to those in a year ago.
Source by Commodity Insights
No comments:
Post a Comment