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The Nickel market

In the mid 18th century, primary nickel was first isolated as a separate metal. Prior to this, it was found in copper mines and thought to be an unsmeltable copper ore. Primary nickel can resist corrosion and maintains its physical and mechanical properties even when placed under extreme temperatures. When these properties were recognised, the development of primary nickel began. It was found that by combining primary nickel with steel, even in small quantities, the durability and strength of the steel increased significantly as did its resistance to corrosion. This partnership has remained and the production of stainless steel is now the single largest consumer of primary nickel today. This highly useful metal is also used in the production of many different metal alloys for specialised use.

Key facts

First traded on LME:

1979

Current specification introduced:

April 1979

World production:

1,454,200 tonnes per annum (2007)

Source: London Metal Exchange, www.lme.com