Nickel prices could slide; China’s the key
By Tom Stundza -- Purchasing, 1/31/2007 3:13:00 PM
Imports of refined nickel by China, the world's biggest consumer of the metal needed to make stainless steel, may fall 11% this year as the country steps up production from low-grade ores bought from the Philippines. China's increased production of low-cost nickel from so-called laterite ores could reduce pressure on global supply of the metal. An import cutbackby China also could cool prices of nickel on the London Metal Exchange, which have risen from $6.66/lb in January 2006 to $18.30 this week. Imports of refined nickel may drop to 80,000 tons from an estimated 90,000 tons last year, Xu Aidong, analyst at Beijing Antaike Information Development Co., tells the Bloomberg News Service.
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