- Nickel spot prices were higher the last month.
- Nickel market news – Wood Mackenzie is expecting a better H2 from both the stainless and battery segments. Nickel set to flood the LME, turning metal squeeze into glut.
- Nickel company news – Vale sells a 13% equity interest in Vale Base Metals Limited (VBM) to a JV between Ma’aden and Saudi Arabia’s Public Investment Fund for US$3.4B.
- Mincor Resources takeover by Wyloo Metals Pty Ltd completed. Horizonte Minerals Plc – Mining approval received for their Araguaia Nickel Project in Brazil.
- Ardea Resources KNP Project FS results in a Post-tax NPV7% of A$4,980M and IRR of 23%. Ardea signs non-binding MOU with Sumitomo Metal Mining, Mitsubishi Corporation, and Mitsui & Co. Alliance Nickel signs binding offtake agreement and share subscription agreement with Stellantis N.V.
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The past month saw some nickel price improvement but also saw renewed calls for an oversupply in 2023, albeit with some forecasting China nickel demand to improve from stainless steel and EVs
Nickel Price News
As of July 31, the nickel spot price was USD 9.71, higher than USD 9.22 last month. LME shows the price at USD 21.625/tonne. Nickel inventory at the London Metals Exchange (LME) was lower the past month at 37,542 tonnes (39,348 tonnes last month).