The silver-gray and shiny metal is relatively hard, good to manufacture, magnetic and conductive. Nickel is found in more than 300,000 different products. It is guessed that 4.5 million tons of nickelous scrap is recycled yearly. By this, almost 25 % of the worldwide demand after nickel is covered. It is poisonous for humans in its pure form, although it even exists in minor amounts in the human body.
Nickel is processed especially at the manufacturing of stainless steel and other rustproof alloys. Over two-third of the nickel production go to this sector. Special nickel-alloys are used for turbine blades or other critical components of the engines at the construction of airplanes. Comparable scopes for nickel-alloys can be found with power plants. Nickel is also found at the manufacturing of coins as substitute for silver and in accumulators. The construction industry is next to the automobile industry an important consumer of different types of stainless steel. The construction boom in China is causing so an increasing demand. Especially in China – a country that mushrooms big cities one after another – the types of stainless steel used for the construction of skyscrapers are highly coveted because of their special characteristics.
About two-thirds of the worldwide nickel consumption are used for the production of rustproof steel. Through increase of the production capacity, the increasing demand can probably not be gratified. That and the fact that there is no economical surrogate for nickel, cries out for more exploration of nickel resources. The worldwide production of nickel exceeds currently 1.3 million tons per year. The worldwide nickel reserves are guessed to be no more than 140 million tons. Russia, Canada, New Caledonia, Cuba and Australia are the main producers of nickel. About 40 % of the global nickel production is delivered to Europe, followed by Asia and the U.S.A. The nickel consumption is increasing disproportionately high because of China’s yearly and strongly increasing steel production. One-fifth of the worldwide production of stainless steel meanwhile takes place in China. The import of nickel is therefore inevitable, because their own reserves do not suffice anymore. The worldwide output has more than doubled since 1970. Stock levels of the biggest nickel producer , Norilsk nickel, have a strong influence on the nickel supply.
Nickel is traded at the London Metal Exchange (LME) in US-Dollar per ton (t.), whereby a contract comprises 6 t.
Most important stock exchange centers: LME
Contract-cycles: daily new, cash-delivery and 3 months contract, furthermore contracts with duration of up to 27 months.
Contract-size: 6 t.
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