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China’s nickel import to drop in Q4

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After the busy buying season in September that saw big quantities of nickel imported to China, the fourth quarter is expected to be quiet. This is due to the many domestic stainless steel producers reducing their purchase quantity as well as the fact that China’s largest nickel producer, the Jinchuan Group Ltd will be doing maintenance work in this quarter. Jinchuan’s nickel output occupies 75 percent of the total output in the domestic market. The base price of nickel has dropped by 8 percent this year so far and was down 7 percent in August. With the high demand from the galvanized steel industry, it is driving the nickel price in China up. China‘s nickel price is higher than that of the LME at US$4,000. China imported a total of 42,849 tons of nickel in the first seven months of the year. (Oct. 23)
News Date 24 Oct 2005 09:08:55 reported by Martin

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