Eleven Chinese ferro-nickel producers on Tuesday proposed to cut nickel metal output by more than 20 percent in 2016.
The move came after Jinchuan Group Co., Ltd launched an initiative with other seven Chinese nickel producers in November to cut nickel output by 15,000 metric tons (tonnes) in December and more than 20 percent in 2016.
Meanwhile, the ferro-nickel enterprises also promised not to participate in competitive sales at low prices. Last week, prices of ferro-nickel in China remained lackluster. In the short term, the cut will help prop up metal prices. However, the generally weak demand will dampen the prices, said analysts.
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