Hard to know what is happening in the Ni market - some very conflicting information out there.
Drawdowns have slowed dramatically in the last week then there is this article from PNG. LME increased 2200 tonnes last night.
Yet all analysts i have read are bullish on the metal. We still have palladium LOL
The country’s nickel/cobalt mine developer, Ramu NiCo Management’ (MCC) Limited in Madang is facing a severe sales problem. This was announced by the company’s chairman Zong Shaoxing during the company’s annual working conference last Friday, January 18. Chairman Zong said last year the company sold 25,525 tonnes of nickel and 2,388 tonnes of cobalt, which were only 75.05 per cent and 72.06 per cent of the annual plan of sales, leaving 11,704 tons of nickel unsold. He said the main reason is that a large number of customers have requested to cancel or reduce orders due to worldwide economic downturn and nickel and cobalt price plummet, as a result of which, Ramu NiCo had no choice but to cut product price and reduce price coefficient. The company president Gao Yongxue also reiterated the chairman’s statement stating that 2018 has been another challenging time for the Company. “Prices for our products have fallen dramatically and we have had some difficulty in selling our product,’’ he said. “Once more we have serious financial issues to deal with.” Mr Zong said the company would on one hand spare no efforts to solve the sales problem. He said they will however continue its high and stable production with all technical and economic targets delivered, securing the Company’s leading position in the industry with high profitability and survivability, setting a new benchmark for global peers. He said in 2019, Ramu NiCo must make every effort to increase inventory turnover, prioritize capital efficiency and safety, boost revenue and be adaptable to the changing market environment. Mr Zong urged Ramu NiCo to take advantage of MCC New Energy Project, balance sales volume and metal discount coefficient, make breakthroughs in expanding the market and achieve annual sales and production targets. He said in 2019, Ramu NiCo must continue to optimize production organization, improve work efficiency, create new production records and achieve the profit target.
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