Nickel Hits Record $27,800 Per Ton

As falling global stocks and a fierce appetite among stainless steel manufacturers kicked in harder, the price of nickel surged to a new record high of $27,800 per ton here on Aug. 15.

It was the highest price for nickel, a metal used to prevent corrosion, since the metal was first listed in 1979. The previous record high was reached on Aug. 11, when the price of nickel struck $27,300 per ton on the back of falling global stocks and news of a strike at the Voisey's Bay nickel mine in major producer Canada.

The Canadian nickel company Inco, the world number two producer which runs the Voisey's Bay mine, said the price of nickel could top $30,000 dollars per ton this year.

Copyright Agence France-Presse, 2006

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