Nickel inventory held by London Metal Exchange increased to 35,976 tonnes on Wednesday, which hit the highest since February 2006 and 10 times as much as the recent bottom in January-February 2007. LME nickel price is around US$ 30,000 per tonne currently impacted by the inventory expansion.LME nickel inventory was 34,728 tonnes at the end of February 2006 and rapidly decreased to 4,000-5,000 tonnes toward July 2006 when nickel demand was strong for stainless steel mainly in Europe. Another background was emergence of production troubles in Canada, New Caledonia, Australia and Indonesia. LME nickel inventory stayed at around 5,000 tonnes by April 2007 with supply concerns which equaled to global consumption volume for 1-2 days.However, the inventory continues increasing after May 2007 when stainless steel demand entered adjustment phase. Additionally the users shifted to chrome series stainless steel from nickel series when LME nickel spot price hit record US$ 54,200 per tonne. In June 2007 LME regarded some trading in LME nickel market as squeezing and revised a part of the regulations on lending trade. Speculators sold their nickel inventories and left from nickel market after the revision. LME nickel inventory expanded to more than 4 times during late 4 months as a result.
Japan Steel Scrap Composite Prices (Sangyo Press)
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