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Australian Mining reported that the nickel price has reached its lowest point in almost 13 years on the back of poor Chinese demand. The news outlet states that it fell 3.2 percent to reach US$7,900 per tonne on the LME.
Australian Mining reported that the nickel price has reached its lowest point in almost 13 years on the back of poor Chinese demand. The news outlet states that it fell 3.2 percent to reach US$7,900 per tonne on the LME.
As quoted in the market news:
This continued reduction comes on the back of faltering Chinese steel production, which itself has fell 7.2 per cent in December from November.
In 2015 the overall value of nickel fell 41.8 per cent, after rising 6.91 per cent in 2014 – the first lift for the metal since 2010.
Over the last month the metal fell 7.9 per cent, and has been the worst performing metal of the year to date.
This shrinking in value has seen a swathe of operations cut workers and shutter operations.