Cash nickel prices reached US$11,632/t (US$5.28/lb) on 15 November, their highest level for 16 months. The expectation of even higher prices in the next six months is based on two key factors: a Q1/17 tightening in the supply of ore feed for Chinese nickel pig iron (NPI) that will mean lower NPI production in 2017; and the continued expansion of China's stainless steel industry that will be forced to seek alternative nickel units as domestic NPI declines.
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As global demand weakens and commodity prices fall, we're seeing a challenging environment in the metals and mining industry. Mining companies are increasingly coming under pressure to reduce operating costs, causing many to shift their strategic planning, delay new investments and look to long-term future growth.
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Commodity market report | Nov 2016
Global nickel short-term outlook November 2016
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