Australian Nickel Miners Facing Pressure to Cut Output

Reuters reported that Australian nickel miners like Glencore plc (LSE:GLEN) and BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) are coming under increasing pressure to suspend or cut their nickel output. Prices for the metal continue to fall, and investors are hoping industry leaders will consider cuts to lend support.
As quoted in the market news:

Glencore and BHP Billiton , whose high-cost Murrin Murrin and Nickel West facilities are struggling to sustain operations, are both due to make production and profit reports in coming weeks. News of any output cuts could buoy prices.
“Everyone is waiting for everyone else to blink first – it is just a question of how long can people hold on for,” said Ian Warden of AME Group in Sydney. “They’re (Australian miners) at the top of the (cost) curve and under quite a bit of pressure.”
Other major nickel producers Russia and Canada have been insulated from rock-bottom prices by a dive in the rouble and technology upgrades that have cut costs respectively.
And France at the weekend pledged to support the nickel industry in its Pacific territory of New Caledonia – shielding the world’s other major high-cost producer.

Click here to read the full Reuters report.