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Eramet’s nickel division suffered a 23% year-on-year fall in turnover in the first quarter of 2013, as higher Chinese nickel pig iron production hit London Metal Exchange nickel prices.
Eramet Nickel posted turnover of €181 million ($237 million) for the first quarter of 2013, citing surplus nickel production that weighed on prices.
“The group’s turnover was penalised by very low LME nickel prices, reflecting extremely high growth in nickel ore production in Indonesia and the Philippines,” the company said on Tuesday April 30.
“The substantial increase in imports of those ores into China led to sharp growth in nickel pig iron in the country, outpacing the increase in world stainless steel production over the same period,” it added.
Eramet produced 13,128 tonnes of ferro-nickel and nickel matte in the first quarter, compared with 14,184 tonnes in the previous quarter, and 14,220 tonnes in the equivalent period in 2012.
Finished product sales fell to 11,707 tonnes, compared with 15,807 tonnes in the previous quarter, and 13,602 tonnes a year ago.
Janie Davies jdavies@metalbulletin.com Twitter: @janiedavies_mb