China set to increase nickel imports as LME price slides

Jun 27, 2013 | 12:46 PM |

Tags  China, nickel, refined nickel, imports, People’s Liberation Army, NPI, London Metal Exchange, LME Metal Bulletin

SHANGHAI — China is likely to buy more refined nickel on the international market in the next few months due to falling London Metal Exchange prices, market participants said.

Three-month official LME nickel prices settled at $13,610 per tonne on June 26. The price has fallen more than 20 percent so far this year and in late May reached its lowest level since 2009.

Subsidiaries of the People’s Liberation Army (PLA) have already ordered about 60,000 tonnes of the metal from the international market this year and have plans to purchase more to take advantage of the recent price slide, according to media reports.....

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