Sharp growth of Metal price
By Benny
Posted on : 3/4/2010
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Metal prices hiked up on the nonferrous metal market on Wednesday
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Metal prices hiked up on the nonferrous metal market on Wednesday due to the continuous industrial demand. This price change was following the positive trend in London Metal Exchange ( LME). Based on these upward trends in LME Nickel price, the price for LME’s Nickel is expected to increase further by 4 percent, having reached about US$21,000/ton; These increase in price could be great boon for all stainless steel producers in the first quarter of 2010.
However, we noticed that Nickel price increased by about 15 percent on the Chinese New Year vacation in February 2010. Due to the upturn in Nickel price the major steel producers of Taiwan - Yieh Unied Steel Corp. (Yusco) and Tang Eng have announced increase of their stainless steel prices for March. On the other hand some of the stockiests are waiting if the price of Nickel can reach US$23,000/ton in the second quarter. If it happens it should be a great recover for stainless steel makers.
Nickel spurted by Rs 15 a kg to Rs 1,055 on Wednesday. Aluminium utensils scrap firmed up by Rs 4 a kg to Rs 92. Copper cable scrap, copper scrap heavy, copper wire bar and copper sheets cutting all edged higher by Rs 3 a kg each to Rs 366, Rs 360, Rs 394 and Rs 350 respectively. Copper armature and aluminium ingot both moved up by Rs 2 a kg to Rs 354 and Rs 115. Copper utensils scrap, brass utensils scrap and brass sheets cutting all inched up by Re 1 a kg each to Rs 332, Rs 256 and Rs 264 respectively. Zinc eased by Rs 2 a kg to Rs 127.
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About the author:
For the past three years I have been working for RecycleinME
.To help our valued members of RecycleinME, I involved in researching the current
market trend of various scrap materials.
Regards
Benny
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