PT Antam Q1 ferronickel output down by 24% YoY
Thursday, 23 Apr 2009
steelguru.com
PT Aneka Tambang Tbk said that its first quarter ferronickel output fell by 24% YoY on slowing demand because of the global financial crisis. It produced 3,296 tonnes of ferronickel in the January to March 2009 period as compared to 4,362 tonnes in the same period last year.
The first quarter output was 27% of its ferronickel production target for this year of 12,000 tonnes. In 2008, Antam produced 17,566 tonnes of ferronickel.
Mr Bimo Satryo corporate secretary of PT Antam said that "Demand for nickel is slowing."
Nickel prices MNI3 have slumped about 77 percent to $11,575 a tonne since hitting a record high of USD 51,800 in May 2007 on a drop of demand from stainless steel producers due to the global economic crisis.
Antam, which is 65% owned by the Indonesian government, is involved in the exploration and production of nickel ore, bauxite and iron sands as well as smelting of ferro-nickel, exploration and production and refining gold and silver. |
