MethodologyContact usLogin
China’s Jilin Ji’en Nickel Industry Co will reduce nickel metal production by 3,000 tonnes in December, and will cut output by at least 20% in 2016, it has said. Ji’en Nickel Industry’s announcement follows similar ones from Jinchuan Group, Tsingshan Group, Xinjiang Xinxin Mining industry, Inner Mongolia Xinhualian Mining Industry and Jiangsu Baotong Nickel Industry.
A total of eight major Chinese nickel producers had announced a joint production cut of 15,000 tonnes of nickel metal in December, according to a joint statement by the eight smelters late last week.
The market is now awaiting news of planned cuts from Delong Nickel Industry and Shandong Xinhai Nickel Industry.
Ji’en Nickel(600432) is Chinese largest nickel salt producer.
The news has so far failed to support prices.
The most traded January nickel contract was at 68,150 yuan per tonne on the Shanghai Futures Exchange, down 2.56% compared with a previous settlement price of 69,940 yuan per tonne.
The London Metal Exchange three-month nickel contract was trading at $8,745 per tonne, down 1.8% from the previous settlement of $8,905 per tonne.
Ellie.Wang Ellie.Wang@metalbulletinasia.com
READ ON: Chinese nickel producers will jointly cut 15,000 tonnes from December output