Nickel price slumps

The price of nickel has dropped nearly 45 cents a pound over the last week.

The price of nickel has dropped nearly 45 cents a pound over the last week.
From 4 January nickel has seen its price fall from US$ 11.35 US a pound down to US$10.84 per pound, where it stood prior to Christmas.
Market analysts believe this is due to a lowered demand from Chinese steel makers, with nickel exports to the nation down 14 per cent.
Western Australia generates approximately 180 000 tonnes of nickel per year, with the majority headed to China for steel manufacturing.
 

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