Nickel prices were seen appreciating after a bloodbath in last four days both on MCX and LME. The MCX Nickel was seen trading at Rs 923 per kg, up 1% on technical buying. The metal markets have seen bargain buying ahead of weekend.
Indian Nickel corrected from the top of Rs 994 per kg and when it seemed that it will cross Rs 1000 per kg. LME Nickel was appreciating pretty fast and was last seen at $ 16901 per tonne, up $ 61 per tonne.
China that is the main consumer of stainless steel in the world has been struggling offlate due to higher production and lower offtake. Now the government is also acting in order to decrease the prices in property markets. This has strained Nickel that is used in producing austenitic steel grades.
According to statistics released by the Stainless Steel Council of China Special Steel Enterprise Association (CSSC), China's crude stainless steel production totaled 16.087 million tons in 2012, rising by 14.17% year on year.
Production of chrome-nickel based stainless steel was 7.926 million tons, rising by 9.54%. chrome based stainless steel production was 3.208 million tons increasing by 2.95% and 4.953 million tons were chrome-manganese based stainless steel, increasing by 32.47%, all compared to those in a year ago.
In 2012, China imported 772000 tons of stainless steel products, decreasing by 14.32% and the country exported 2.064 million tons of stainless steel products, falling by 8.06%, both compared to those in a year ago.
Source by Commodity Insights
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