4 year high for Nickel on the LME

From: auctiondata@buystainlessonline.com
Date: Fri Feb 04 2000 - 20:21:01 EET

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This week and next will mark a transitional period for our site. The
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LME nickel prices hit 4-year high
LONDON, Feb. 2 -- Nickel tallied prices not seen in more than four
Years in early ring trading on the London Metal Exchange Wednesday.
A high of $8,900 per tonne was reached in the first ring in what analysts
And dealers said was a result of primarily fund and speculative buying.
LME nickel inventories also fell 138 tonnes to 42,324 tonnes, reaching
Their lowest level since 1991.

Anaconda Nickel output 'minimal'
SYDNEY, Australia, Jan. 31 (Reuters) -- Lateritic nickel producer Anaconda Nickel Ltd. said Monday it expects to reach cash positive operations in the March quarter after "minimal" production of high-grade nickel and cobalt in the December quarter. In its December quarterly report, Anaconda said it produced 600 tonnes of London Metal Exchange-grade nickel at Murrin Murrin in Western Australia in the month of December and 53 tonnes of high-grade cobalt. No figures were given for October and November. The level of impurities in the metal had been minimal and quality was improving as operator experience increased. Anaconda said mechanical and construction material issues had delayed the commissioning and ramp-up of the project, but production had confirmed the robustness of the process.

What can you expect as a buyer?
For the next six months (At Least) OEM people along with smaller sized
Distributors will experience continually climbing prices and virtually
All stainless items. Those items produced overseas (namely ANGLE from ASIA)
Will see an ABNORMALLY high increase due to the importation duties
Currently being imposed.

For your info:
Since the start of the Federal tax of imported steel (Sept ’99), US based mills have added
A total of $20.00cwt in Nickel Surcharges. This newest mill press release indicates that
The prices for stainless steel products will continue to climb.

Scrap Pricing (Philadelphia):
Scrap has remained constant, holding around $36.00cwt.

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