Nickel made further gains yesterday as market participants continued to assess the impact of Indonesia’s ban on exports of unprocessed mineral ore.
Nickel for delivery in three months on the London Metal Exchange rose as much as 1.3 per cent to $14,400 a tonne, extending gains since the start of the year to more than 7 per cent.
Indonesia is the world’s biggest exporter of nickel and the leading supplier to China. Its high grade laterite nickel is used by Chinese mills to produce nickel pig iron, a cheaper alternative for making stainless steel.
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