[Ferro-Alloys.com] Since early 2015, nickel price plunged almost 50 percent whatever in China or international market and hit a decade low for the first time. About seventy percent of global nickel companies have been dragged into the hard period including Chinese nickel producers. Facing the hard condition and looking to cope with it, China’s eight largest nickel producers as below listed, opened a forum in Shanghai on November 27th to reach an agreement on output cuts.

1. To set up a communication group of nickel producers to play a leading role in normal work and communication mechanism, to enhance information sharing and collaborative development. Open non-scheduled conferences based on market dynamic, take timely measures to protect industrial interest and guarantee a sustainable operation in the long term.

2. To promote and implement an innovative, environment-friendly, open and sharing development concept, to strengthen self-discipline, to enhance industrial communication and cooperation and to encourage technological upgrading, to promote supply-side management forwardly to meet the demand of various nickel customers.

3. Obey the Law of Environmental Protection, focus on cleaner production, not to step over echo red-line and encourage community supervision throughout the whole industry.

4. These companies claimed that the current price of nickel has dramatically fall into a vicious circle, which would damage the national entity economy without effective actions.

5. It’s unanimously agreed that all producers to reduce the capacity of production respectively rather than to compete through cheap price. Then about 15000t nickel production volume will be cut in December this year and more than 20 percent of production volume of nickel to be cut in 2016.

These Nickel Producers are:

Jinchuan Group

Tsingshan Steel

Jilin Jien Nickel

Xinjiang Xinxin Mineral

Shandong Xinhai Tech

Jiangsu Delong Nickel

Macrolink Mineral

Jiangsu Baotong Nickel

• [Editor:Juan]