Nickel falls with most metals as China power crunch spreads
Nickel declined along with most metals as China’s power crisis spread from factories to residents, adding risks to supply chains, demand and the economic recovery.
Residents in several northern provinces have already been dealing with blackouts, while traffic lights are being turned off, causing chaos on the roads in at least one major city. That shows how quickly the country’s power crisis is escalating, adding the risk of social instability to an economic slowdown and global supply chain disruptions.
Economists at Nomura Holdings and China International Capital have downgraded their growth forecasts as electricity shortages force businesses to cut back on production.
The power crunch in the top metals consuming country has already caused supply losses at metal smelters, fabricators and steel mills in the past few months. Prices of aluminum surged to the highest level since 2008 earlier this month as the energy-intensive sector was a major target of the country’s move to curb power usage.
For nickel, prices are under pressure as the energy crisis is curbing output mostly at stainless steel mills and power restrictions may tighten further into the fourth quarter, stock broker CICC said in a note on Monday.
Nickel fell as much as 2.9% to $18 830 ton on the London Metal Exchange before trading at $18 840 as of 7:53 a.m. local time. Zinc declined 0.9%, while copper rose 0.3%.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
