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Sunhu's New Year metal sales drop 95%
By Li Xiaowei |
February 4, 2009, Wednesday
|
Print Edition
Print Edition
NINGBO Sunhu Chemical Products Co, China's biggest nickel trader, said its post-Lunar New Year sales slumped as 90 percent of its customers remained closed because of a lack of demand.
Sales in the first two days after the week-long holiday dropped 95 percent from the same period last year, Kevin Ji, chief analyst, said in an interview with Bloomberg News yesterday.
"The global nickel industry seems to be pinning much hope on post-vacation Chinese demand, yet we're feeling pretty desperate right here," Ji said.
Nickel futures have tumbled 60 percent in the past year as the global recession slashed demand for the metal. China accounts for about 25 percent of global demand, Ji said.
Sunhu, which trades around 50,000 metric tons of the metal yearly, sells most of its products in the weeks after the Lunar New Year holiday and in the fourth quarter.
About half of Sunhu's customers are waiting until the middle of the month to decide on a resumption of production, Ji said.
The company sells to major electroplating and alloy factories and medium-sized stainless-steel makers.
Sales in the first two days after the week-long holiday dropped 95 percent from the same period last year, Kevin Ji, chief analyst, said in an interview with Bloomberg News yesterday.
"The global nickel industry seems to be pinning much hope on post-vacation Chinese demand, yet we're feeling pretty desperate right here," Ji said.
Nickel futures have tumbled 60 percent in the past year as the global recession slashed demand for the metal. China accounts for about 25 percent of global demand, Ji said.
Sunhu, which trades around 50,000 metric tons of the metal yearly, sells most of its products in the weeks after the Lunar New Year holiday and in the fourth quarter.
About half of Sunhu's customers are waiting until the middle of the month to decide on a resumption of production, Ji said.
The company sells to major electroplating and alloy factories and medium-sized stainless-steel makers.
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