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Stainless producers planning to cut Q2 nickel purchasing

21 Mar 2007 11:40 reported by Brian Huang

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European stainless steel mills are decreasing their purchase on nickel for the second quarter while three-month nickel price on the LME soared to US$47,150, market sources said.

Stainless steel makers in Europe are suffered from the sky high cost of nickel recently; they are struggling to maintain a low level purchases on nickel, some of them have been canceling nickel orders.

People are really chapfallen at this moment and take a high risk to purchase this raw material, thus they only buy what they absolutely require and place orders at last minute, sources added.

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