Stainless Steel Increase Demand Nickel Prices
Nickel has endeavored to touch the psychological level of INR 1000 per kilogram after a gap of around 1 year. There has been a significant rebound in prices of nickel, as it was most heavily beaten down metal earlier. It has been on a constant rise, after its breakout above INR 666 per kilogram in MCX, giving traders ample opportunity to build long positions.
It has touched a new high of INR 1022 per kilogram last month, but corrective phase has crept in, as it was in overbought zone, but has been well supported by the level of INR 900 per kilogram and USD 19400 per tonne in LME, which has again ignited buying in the counter. Any breach of the level of INR 1025 per kilogram would set the platform for higher targets of around INR 1080 per kilogram and then even INR 1150 per kilogram. Gazing downwards, any breach of the support of INR 900 per kilogram might trigger a round of sell off in the metal relegating it to lows of around INR 850 to INR 820 per kilogram and USD 17790 per tonne in LME.
The recovery in Chinese stainless steel mill utilization capacities, above 90% now, suggests that demand is recovering. Another factor which led to the rise in prices was that the price of metal became so cheap that companies which started using its substitute pig iron shifted back to original metal thus increasing the demand.
However, the market is still expected to remain in surplus by around 80,000 tonnes by the end of 2009.
Nickel rose by almost 31% this month. This rise was seen due to the increase in demand for stainless steel and strike at Vale’s Sudbury operations in Canada and the halt to construction work at Papua New Guinea’s nickel project being particularly notable. Vale Inco shut down its Thompson nickel complex in Canada, including processing facilities, for scheduled maintenance. Thompson operations consist of three mines, a mill, a smelter and a refinery that produces 59,000 tonnes per annum of electrolytic nickel.
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