Growth of Nickel Prices be Hindered by Weak Fundamental

SHANGHAI, Mar 30 (SMM) - On the supply side, pure nickel prices rebounded. The suppliers were more willing to ship amid the month-end factor, greatly dragging down the premiums. In terms of NPI, stainless steel mills reduced production in March intensively, which was negative for NPI prices as a whole, and they are less likely to ramp out production in April. On the demand side, according to SMM research, the spot stainless steel prices ran stably, but affected by the downward trend of the futures prices yesterday, the prices dropped slightly in the afternoon. The market traders mostly consumed the in-plant inventory in the past few trading days. They have become more willing to pick up goods recently. SMM expects the spot stainless steel prices to be stable with some drops in the short term. In summary, the recent macro situation is stable, but the growth of nickel prices will still be hindered by the weak fundamentals.