Clearance Volume of Spot Nickel in April may Increase

SHANGHAI, May 16 (SMM) - According to SMM research, in April, most domestic traders signed long-term contracts with overseas pure nickel producers, and some imported spots were priced based on SHFE nickel prices and settled in RMB, so the spots kept flooding into the domestic market regardless of profits or losses. And during the month, the imported pure nickel premiums soared to a level so much higher than Jinchuan nickel premiums because of the supply tightness that it pushed up the SHFE nickel prices and the SHFE/LME nickel price ratio. Given the narrowed import losses, SMM presumes that the clearance volume in April may increase.