Pig Iron News
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Nickel supplies will exceed demand by 52 percent more than forecast last month as consumption outside of China is weak and new projects are adding production, according to Macquarie Group Ltd.
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Nickel, the worst-performing industrial metal in the past year, is bottoming as prices fall below the costs of producing cheaper substitutes, curbing supply as consumption rebounds.
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Nickel, the second-worst performing metal on the London Metals Exchange in the past six months, is set to rebound as Chinese steelmakers lead a recovery in demand.
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Nickel pig-iron output in China, the world’s largest metals user, may surge 50 percent this year, possibly curbing demand for the refined product and hurting prices that have lagged behind all other base metals in London.
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China’s production of nickel pig iron will rise 6.2 percent to 155,000 metric tons next year, with Chinese stainless steel producers substituting about one- third of primary nickel with the cheaper alternative, CRU said.
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Brazilian producers of pig iron expect the price of the iron ore they buy from Cia. Vale do Rio Doce to decline as much as 30 percent this year, a pig-iron producer and exporter said.
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Nickel, this year’s best-performing commodity, is poised to decline as world supplies climb at the fastest pace in a decade and China’s search for lower-cost alternatives slows demand growth.
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Nickel pig iron makers in China, the world’s largest consumer of nickel, have started to idle capacity as prices and demand weaken amid the nation’s curbs on property development, according to a state-owned researcher.
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Production of nickel pig iron in China, the world’s largest consumer of nickel, jumped to a record in the first quarter after prices more than doubled in the past year, according to a researcher.
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Greenpeace unblocked the Brazilian port of Sao Luis after eight hours of protest against an amnesty for illegal loggers in the Amazon jungle, according to an e- mailed statement.
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