This week see most rise for nickel price. But SMM learned that price of stainless steel did not follow nickel’s tendency.
As per SMM inventory data, this week domestic social inventory of RB steel reaches 3.4638 million tons, down 273,600 tons on weekly basis by 7.3%.
Fortescue Metals Group adjusts discounts in December. FB (fine blended) is adjusted to 29% from 25.5% in November. Discount of SSF (Super special fine) maintains 40%.
SMM learned that due to sufficient supply of nickel ore, price of Philippines nickel ore drops recently.
According to statistics of China Iron & Steel Association, daily crude steel output of its member enterprises reaches 1.8017 million tons in early November.
SMM Premium Price of Copper Spot, Nov.23
The surplus may be intensify in Q1, 2018 to 2.09 million wet tonnes. SMM predicts nickel ore price will keep weak.
Indonesia government has approved more than 20 million tons of nickel ore export quota so far, most of which are selling normally to China.
Today see poor transaction in Shanghai, Guangdong and Tianjin markets, mainly because SHFE Zinc rushes high and downstream are reluctant to purchase.
As per SMM research, domestic plants currently consider fair price of Ni1.65% medium-grade nickel ore as $43 per tonne.
Nickel supply and demand is balanced this year, and the price is estimated to go up next year.
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