Nickel advanced for an 11th day to the highest level since February 2013 on concern that Indonesia’s ban on unprocessed ore exports will limit global supplies and as tensions escalated between Ukraine and Russia.
Nickel from Russia, the world’s second-largest producer of the refined metal, would be shipped to China in the event of U.S. and European Union trade sanctions, according to a survey by Bloomberg News.
Tata Steel Ltd., Steel Authority of India Ltd. and JSW Steel Ltd. are in separate talks with suppliers to sign coking coal contracts at the lowest price in six years, people with knowledge of the information said.
Nickel prices, poised to enter a bull market, climbed to the highest since April on speculation that Russian faces more political sanctions, exacerbating supply concerns after Indonesia banned unprocessed ore exports.
Bloomberg BNA – Chicago Mayor Rahm Emanuel expanded his public health campaign against petroleum coke and coal, vowing to introduce an ordinance that will ban new storage and processing facilities, and prohibit any expansion of existing facilities.