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Western Areas Says Nickel Prices Are Rebounding on Steel Demand

14 Feb 2012

Western Areas NL (WSA), Australia’s second-biggest nickel producer, said prices are rebounding and will extend gains in the next three years, aided by Chinese demand.

Nickel, used to harden steel, may climb to $10 a pound by the end of the year as annual demand, led by China, grows as much as 6 percent, Dan Lougher, managing director at the Perth- based company, said today in a phone interview. Prices may exceed $12 a pound after 2013 as China’s production of lower- quality nickel pig iron, estimated to account for 15 percent of global demand, dwindles and Indonesia imposes an export ban on unprocessed metal starting 2014, he said.

For the full article please visit http://www.bloomberg.com/news/2012-02-16/western-areas-says-nickel-prices-are-rebounding-on-steel-demand.html

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