World Nickel Surplus Estimated At 90000 tonnes In 2013 Says INSG

Nickel.....

World Nickel markets are estimated to be in surplus of 90000 tonnes in 2013, as per International Nickel Study Group (INSG). Opening of number of new mines will be creating surplus in Nickel. Having said that, INSG said that surplus will be narrow this year compared to last year on account of recovery in demand. Last year, world Nickel markets were in surplus of 110000 tonnes. World primary Nickel production is expected at 1.86 million tonnes in 2013, up 5.7 percent from 2012. Primary Nickel usage is expected to increase by 7.3 percent to 1.77 million tonnes. China is exporting Nickel ores from Philippines. These ores are being used to produce Nickel Pig Iron in China. Indonesia banned its Nickel ores exports but INSG has noted that country hasn't affected the exports to China. LME three month Nickel prices were trading at $ 15380 per tonne. The prices have corrected by more than 10 percent so far in 2013 after a correction of 7 percent in 2012. This makes Nickel the worst performer in the whole metals pack. Source  by Commodity Insights