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stronger stainless steel output seen sustaining nickel prices

by:KingKonree     2020-05-04
* 300 series of stainless steel production back to the tide story * China\'s stainless steel production rose 7.
8 pct this year: CRU * it is difficult for the Philippines to maintain exports in any case, London, October 12 (Reuters)-
Strong demand from China\'s stainless steel plants is expected to sustain the rise in nickel, an important factor in recent price increases, which many believe is largely due to concerns about supply in the Philippines.
The stainless steel contains nickel and chromium, which greatly slows down the corrosion rate.
Ordinary steel or carbon steel without nickel or chromium is easy to rust.
It is used for infrastructure such as bridges and structural beams, household goods such as tableware, drums for washing machines and kitchen sinks.
Oil pipes and medical equipment are also made of stainless steel.
Demand has been growing because of China\'s infrastructure investment and higher living standards, which means consumer demand for stainless steel domestic products is stronger.
Benchmark nickel has risen more than 40% since 12: 00
February was an annual low of $7,550.
According to the latest data from the International Stainless Steel Forum, China\'s output is 11.
Between January and June, an increase of 73 million tons was made.
It\'s up 9% from the first six months of last year.
Below these numbers is another story;
The production of 300 series stainless steel has increased, with nickel content of about 8%, while the 200 series has only 1-2.
5% nickel and 400 series without nickel.
\"This year\'s big event is the revival of the 300 series in China, which could be a structural shift,\" said Jim Lennon, founder of Red Gate research, adding it will support nickel for a while.
When nickel soared to a record high of more than $200 in May 2007, stainless steel producers turned to the 400 or 50,000 series.
However, the cost of using nickel is around $10,500, which is no longer prohibitive.
CRU Group expects production of stainless steel in China to increase.
8% to 23 this year.
2 million tons, but growth is expected to slow to 2 tons next year. 1 percent.
\"We expect production to reach 300.
Benefiting from the growth of overall stainless steel production, the stainless steel Series will rise in 2017.
Olivier Mawei, a winery analyst. About two-
The nickel demand is estimated at 1.
9 million tons from stainless steel factory;
A large part of this is in China, where nickel imports grew by nearly 45% year on year. on-
It reached more than 29,000 tons in August.
Some of the driving force for price increases comes from environmental remediation in the Philippines --
China\'s largest exporter of nickel ore and concentrate.
But an increase in Indonesia\'s supply may offset the impact, and Indonesia is considering amending the ban on unprocessed ore.
The Philippines closed 10 mines in August and last month recommended a moratorium on another 20 --
12 of them are nickel. However at end-
On September, the government said it would give the miners time to solve the problem.
Softening of position.
\"In any case, the Philippines has been trying to maintain exports.
Part of the reason for the decline in production is the depletion of reserves and they have been exporting from stocks, \"Lennon said.
From January to August, the Philippines exported 18.
Exports of 7 million tons of nickel ore and concentrate to China, down 21% from the same period last year.
Citi analyst David Wilson does not believe the chaos in the Philippines will have a lasting impact, he said
Dumping tariffs on Chinese stainless steel in the US and Europe will limit its exports.
However, it is reported that China\'s stainless steel has found a way to other Asian countries such as Taiwan.
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