Nickel Price Climbs Above $17,000 a Tonne Amid Export Ban

Jakarta (Scrap Monster): The nickel export ban in Indonesia on March, 2012 added new colors to the world nickel trade. The price of nickel has leaped above $17,000 per tonne in ongoing trade. As per the report, several investors are pleased to invite the rise of the nickel prices. 

It is said that, the nickel deficiency would compel China to buy higher-grade metal for use in its smelters instead of NPI. After all, China largely depends on laterite nickel ores from Indonesia to produce nickel pig iron. 

 According to Standard Bank, open interest in nickel has risen more than 25 per cent in the past month. Last day, nickel for delivery in three months on the London Metal Exchange rose 2.4 per cent to $17,091 per tonne. By 2016, the market would get tougher than in 2006-07 when prices traded in the $30,000-$50,000 per tone.

As per the report, the global nickel market would face large deficits of 134,000 tonnes, 106,000 tonnes and 77,000 tonne in 2015, 2016 and 2017 respectively, if the ban continues for long period.