Nickel premiums in the US have remained stable over the past week. This stability occurred as market activity weakened. Full truckload melting grade, 4×4-inch cathodes are assessed at 60-65¢/lb. Briquettes remain at 30-35¢/lb. Buyers are adopting a wait-and-see approach. Demand remains muted. Specialty stainless steel producers have reduced order volumes.
LME Nickel Stocks Rise, Prices Decline
The global nickel market shows signs of weakening demand. Nickel stockpiles at LME warehouses increased by 3.4%. They rose to 165,384 metric tonnes. The December LME nickel price averaged $15,700/tonne. This is down from $16,740/tonne in November. The official three-month LME nickel price settled at $15,955/tonne. This is a slight week-over-week decline. SuperMetalPrice observes that these trends indicate sluggish nickel demand.
Vale’s Voisey’s Bay Expansion to Bolster Supply
Vale has completed the Voisey’s Bay mine expansion in Canada. This project converted the operation to an underground mine. It is expected to boost annual nickel production to 45,000 tonnes. This expansion is significant for the US market. It will provide a steady nickel supply. This helps meet growing demand amid market uncertainty. The Voisey’s Bay mine will stabilize the nickel supply chain.
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