China's Jinchuan ups local nickel prices by $1,292/mt on Mar 16
Source: Platts
metalsplace.com
China's largest nickel producer Jinchuan has raised its domestic prices for electrolytic nickel by Yuan 10,000 ($1,292)/mt, effective March 16, 2007, the company said Friday.
This is the third time in March that Jinchuan has made an adjustment to its nickel prices. The first change was an increase of Yuan 7,000/mt on March 2 and the second time was an increase of Yuan 8,000/mt on March 14.
The company's domestic price for electrolytic nickel for the full plate material is Yuan 357,000/mt ex plant and its 4X4 material is Yuan 358,200/mt ex-plant currently. The official cash price for nickel on the London Metal Exchange was $49,200-49,300/oz on March 15, compared with $47,400-47,405/mt on March 14.
The company, which accounts for about 90% of China's total nickel output, has a production capacity of 130,000 mt/year currently. It is in the process of raising its production capacity of electrolytic nickel to 150,000 mt/year by 2010.
Jinchuan has also raised its domestic price for copper cathode to Yuan 58,550/mt ex-plant, effective March 15, up Yuan 200/mt from Yuan 58,350/mt ex-plant, which was effected on March 13. The official cash price for copper on LME was $6,445-6,446/mt on March 15, compared with $6,300-6,305/mt on March 13.
The company has a copper production capacity of 400,000 mt/year, up from 200,000 mt/year after a recent expansion.
Meanwhile, Jinchuan's domestic cobalt prices are Yuan 458,000/mt ex-plant for 9995 grade material in drum and Yuan 456,500/mt ex-plant for full plate material of grade 9980. Both prices had been effected on March 5.
The company has a designed production capacity for electrolytic cobalt of 6,000 mt/year and is set to increase it to 10,000 mt/year by 2010.
According to Platts' weekly assessment dated, March 5, 2007, the US spot cobalt cathode (99.8%) was quoted at $31.50-32/lb, up from $27.75-28.50/lb from the previous week. |
