Coronavirus: is nickel in trouble?

Coronavirus: is nickel in trouble?

Coronavirus effecting the nickel economy :: Giovanni Calabrò

How is the world market fairing after weeks of the coronavirus? The long term effects of this new outbreak is still very much debated. Other than the human impact, which will leave an impression for decades to come, many are still discussing if this virus will have a lasting impact on the economic markets.

The answers are difficult to confirm since reliable and accurate numbers have always been lacking from the Chinese market – even before the coronavirus. The world’s second-largest economy is struggling to identify predictions for the rest of the year. They are sending analysts and bankers back to their estimates of the economic impact of the virus.

However, there are some numbers that are coming through – after a visible decline in coronavirus contaminations – that offer grounds for speculation:

On the backdrop of the epidemic outbreak, nickel smelters in Gansu and Xinjiang are operating as previously planned, while those in Shandong and Tianjin have swung to low gear and those in other regions remain closed. This is expected to lower refined nickel production in February by 7.78% to 13,200 tonnes. The recovery of the smelter in Jilin is likely to help offset the hit on overall production from delayed resumption amid the outbreak.

There are around 70,000 confirmed cases of COVID-19, the new coronavirus that emerged in Wuhan, China, in December and is spreading around the world. Though the numbers seem to be slowing down, the long term effects on the economy could still be dramatic. But the economists are optimistic China’s economy would recover quickly if the virus could be contained.

Read here for more details on China’s production of refined Nickel

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