China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Brazilian miner Vale expects nickel markets to swing to a global deficit by 2028 from their current oversupply, an executive said on Tuesday.
“We are very strong on nickel fundamentals,” Vale chief sustainability and corporate affairs officer Emily Olson told the CERAWeek energy conference in Houston. “Despite the short-term pain, we see the long-term gain.”
(By Ernest Scheyder; Editing by Simon Webb and Leslie Adler)
3 Comments
John
Is it just me or is the title completely misleading to what the actual article is stating?
S. David Brown
The title is completely wrong, not just misleading. Vale, a mining company from Brazil, predicts that the availability of nickel will change significantly in the coming years. Right now, there’s more nickel available than what is needed (oversupply or surplus). However, Vale expects that by 2028, the situation will reverse, and there will be less nickel available than what people and industries need (deficit). The surplus is NOW, not later… and later there will be a deficit.
Amanda Stutt
Thanks for flagging this David, the title has been updated.
Cheers,
Amanda