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China has global pricing power of nickel

(Guangming Daily)

14:50, October 17, 2011

Edited and Translated by Yao Chun, People's Daily Online

Since 2005, China's nickel production has increased from a small amount to 30 tons per year, which can meets the needs of this country, according to the Asian Pacific Organization for Lateritic-Nickel-Ore in the 2011 Conference in Nanjing.

Nickel is the main material for the production of stainless steel. Though China is the largest country in the production of stainless steel, it is a country lack of nickel. Six years ago China needed to import the vast majority of nickel used to produce stainless steel. With the help of the unique nickel refining technology developed by China and China's "Going global" strategy, Chinese enterprises have taken stakes in the nickel industries of Indonesia, the Philippines and Pacific countries and founded a whole production chain, including mining, trade, production and finance.

As a result, China has effectively controlled the pricing power of nickel in China, and the London Metal Exchange also has to listen to China's opinion in determining the global nickel price. Since 2005, the global nickel price has not experienced major fluctuations mainly due to the significant increase of China's nickel price.

Gao Zhankui, chairman of the Asian Pacific Organization for Lateritic-Nickel-Ore, said that nickel is the main material for the production of stainless steel, which accounts for about 70 percent of stainless steel. Because China is a country that formerly had a shortage of nickel, its stainless steel industry was cramped by Western countries.

But now China has realized self-sufficiency in terms of nickel production, breaking loose from long-term restraint of other countries, which has a positive influence on China's development. As the nickel in stainless steel can be totally recycled, within 20 years China will be a country rich in nickel through stainless steel recycling.


Leave your comment4 comments

  1. Name

zhshow at 2011-10-18219.142.98.*
It may mean 30 thousand. But in fact, the Chinese production of nickel in 2005 reached 103 thousand mt.
zhshow at 2011-10-18219.142.98.*
It may mean 30 thousand. But in fact, the Chinese production of nickel in 2005 reached 103 thousand mt.
Bob at 2011-10-1863.135.24.*
Pig nickel requires two things cheap coal and quality ore to feed the blast furnaces.Will China going forward continue using this energy intensive method?And will it still be cost effective when polution controls are tacked onto the cost.Blast furnaces create a lot of dust.The dusts fron pig nickel production, will cause a lot of cancers in the workers and people down wind just as they did in Canada durring the peak years of unregulated nickel production in Sudbury.
PD User at 2011-10-17123.125.255.*
30 tons per years?so little?

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