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The International Nickel Trade by Simon Clow

By Simon Clow

Nickel is an across the world traded commodity and the smallest of the LME's six base metals contracts. Its designated features enable quite a few advertisement and commercial functions, crucial of that's surely within the construction of stainless steels. Simon Clow has got down to paint an total photograph of the nickel exchange; the result's a booklet which really covers the total undefined. It describes the heritage and development, defines parts of creation and explains the mechanisms of call for and intake. particularly the e-book is worried with styles of offer, with costs and with attitudes in the direction of varied pricing mechanisms

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45 THE INTERNATIONAL NICKEL TRADE Compared with stainless steels, alloy steels have a relatively low chromium content. Their largest outlet is in the car industry, which accounts for 25-30% of total alloy steel production. A further 15% is con­ sumed by the construction industry and 17% is shipped to service centres. The surge in capital expenditure brought about a revival in 1988 and pro­ duction of alloy steels in Western Europe, Japan and the US increased 12% compared with the previous year.

Falconbridge is working on a new mine project at Craig in Ontario. The Craig mine should come into operation in 1994 the company says and will, when it is in full production, provide about 60% of Falconbridge's nickel mine output. 9m tonnes in 1989 when the now-closed East Mine was operational). Falconbridge believe the closure of the high-cost East Mine will cost the company about 4m lb in lost production in 1990 and 1991. The company is also pressing ahead with development of the Raglan property in Northern Quebec.

The result is stronger demand for nickel and possibly higher prices. Of course, the scrap cycle works in reverse. 5%. More scrap becomes available and demand for nickel starts to weaken. The conclusions are simple. When stainless steel output is increasing, scrap supplies become proportionally tighter; when it is falling, scrap supplies begin to ease. There are other, longer-term factors which tend to condition the flow of scrap into the market. As production techniques in the stainless 50 THE CONSUMPTION OF NICKEL steel industry over the years have improved, greater efficiency has led to less revert scrap.

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