Nickel Surges to Highest in Seven Years as Supply Dwindles
Nickel prices surged to their highest level in seven years in London on fears that supplies of the key industrial metal will dwindle as the pandemic recedes, failing to meet resilient demand from reopening economies.
Vale SA, one of the world largest nickel producers, cut its production forecast for this year because of a strike at its Canadian mines. MMC Norilsk Nickel PJSC, the world largest producer of refined nickel, reported a drop in third-quarter production. The Philippines is the world second-largest producer of the metal, which is used in kitchen appliances and batteries for electric cars. The country says production this year could be 10% below the annual average, hit by more frequent rains and fewer ships.
Nickel for three-month delivery on the London Metal Exchange rose 4.6 percent to $20,963 a tonne as of 5.53 pm local time, its highest level since May 2014.
"Buying picked up during the session amid supply pressure from vale lower production guidance, a weak Norilsk production report and vale shutdown of its Once Puma mine in Brazil," Said Michael Cuoco, head of hedge fund metals and bulk materials sales at StoneX Group.
Softer Chinese nickel pig iron and refined nickel production data for September, as well as political export noise in Indonesia and the return of bad weather in the Philippines, also boosted prices, he said. Nickel pig iron is a cheaper alternative to refined nickel, which is used to make stainless steel, the metal biggest end-use.
Vale said Tuesday that it could produce 165,000 to 170,000 tons of nickel this year, down from a previous estimate of 200,000 tons. A day earlier, the Brazilian mining giant said its Onca Puma mine had again been suspended by a court.
Nickel production in the first three quarters of the year fell 23% from a year earlier to 129,858 tons, according to a statement from Nornickel.
The jump in the price of nickel in London to its highest level in seven years has also had an impact on the flange dimensions chart
The prospect of reduced supply has emerged in recent months as demand for stainless steel has improved as the aerospace and oil and gas industries have rebounded from the nadir of COVID-19 last year. The pandemic has led to a continued logistics downturn, with shipping congestion in the Atlantic, Pacific and Indian basins, making it harder for consumers to access raw materials such as nickel.
Expectations of less nickel from Indonesia, a major supplier, also helped drive prices higher. The Southeast Asian country said last month it planned to ban or export semi-finished products used to make stainless steel to keep more stainless steel in the country and support a domestic industry focused on electric car batteries.
Indonesia has been reversing its policy since it first imposed a ban on unprocessed mineral exports in 2014, According to Allan Ray Restauro, a BloombergNEF analyst, in a report. In 2017, Exports were allowed again, but only by companies that own and operate smelters. The export ban was subsequently brought forward by two years, to 2020.
BloombergNEF expects nickel prices to remain above $18, 000 a ton, although the metal will continue to underperform copper and aluminum.
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Nickel alloy is mainly used in electronic and electrical products in the household field, and flange dimensions chart is mainly used in TV manufacturing and household appliance manufacturing. The global nickel alloy market demand is increasing rapidly, and the development prospect is good. The nickel alloy strip processing industry is in the replacement stage of the old industry and new industry, and the market opportunity is good.
Once predicted copper alloy lead frame strip will completely replace nickel alloy lead frame strip situation, currently, through the market flange dimensions chart screening classification, it shows that nickel alloy cannot completely replace, and has basically formed nickel alloy accounted for 20%, copper alloy accounted for 80% of the proportion. In recent years, with the miniaturization of integrated circuits, the application of nickel alloy strip is expanding due to their special properties.
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The price of nickel-base alloy flange dimensions chart fluctuates greatly and becomes the main competition point
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What are the industry requirements for flange dimensions chart?
Pure nickel is generally used in chemical equipment corrosion resistant structural parts, precision instruments, electronic tubes and radio equipment parts and other fields, high purity nickel N4 in electrolytic, electroplating and other industries have a large demand, mainly for the wide medium-thick plates. Ultra-pure nickel is used in areas such as batteries.
Nickel-based superalloy has good resistance to high temperature, corrosion or some specific environment adaptability. Although the new increment of the nuclear power industry fluctuates greatly each year, it still maintains the trend of growth in the long run. In the nuclear power equipment manufacturing industry, the superalloy material flange dimensions chart has an irreplaceable role due to its excellent characteristics of high-temperature resistance and high strength resistance and is mainly used in the nuclear island that undertakes nuclear reaction work.
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