Positive Articles on Nickel Prices Last Week
Last week saw many positive articles concerning Nickel prices and stainless steel demand:
The International Stainless Steel Forum forecast at its annual meeting last week in Kyoto, Japan. that “global stainless crude steel production will reach 29.8 million metric tons in 2007. This represents a rise of 5.1 % on 2006 production.”
The forum sees growth in production this year in China, Japan, India, Africa and throughout Western, Central and Eastern Europe.
Forbes.com reported on behalf on Numis that, “Nickel prices look likely to exceed 50,000 usd per ton in the coming days or weeks on strong global stainless steel production, particularly in China, with nickel supply struggling to match consumption”
Bloomberg.com noted that “Nickel gained the most in four weeks in London after production from the Voisey’s Bay mill in Canada was shut because of a dispute over safety.”
“Nickel, used in Stainless Steel, has gained 40 percent this year, the best performer among six industrial metals traded on the LME. The metal traded at a record $51,800 a ton on May 9, prompting steelmakers including ThyssenKrupp AG to say they would make more nickel-free products to cut costs.”