SMM Daily Review - 2012/3/6 Nickel Market

Shanghai, Mar. 7 (SMM) - In the Shanghai nickel market, mainstream traded prices of Jinchuan nickel were between RMB 135,300-135,500/mt, and RMB 135,000-135,200/mt for Russian nickel. Jinchuan Group cut ex-works prices of refined nickel to RMB 135,000/mt (large plate), and RMB 136,200/mt (small in barrel), down by RMB 4,000/mt, briefly stimulating spot purchasing demand, with brisk inquiries reported.

Cargo-holders of Russian nickel were reluctant to move goods due to limited supply of goods from earlier high prices. Goods for market transactions were mainly Jinchuan nickel, and the price gap between Jinchuan and Russian nickel briefly narrowed to RMB 200-300/mt. Market transactions turned quiet in the afternoon business as futures nickel prices kept falling.