Shanghai, Jun. 21 (SMM) – On Wednesday, mainstream traded prices for Jinchuan nickel were RMB 124,500-147,000/mt in the Shanghai nickel market, and RMB 121,800-122,100/mt for Russian nickel.
LME nickel market overnight gained by more than USD 400/mt, but domestic nickel market failed to follow since weak demand deprived of any rising momentum, and trading was quiet as a result. With the upcoming Chinese Dragon Boat Festival, no large-scale goods replenishment was reported, a sign of sluggish demand in the stainless steel industry. Market players said downstream demand will wane further along with the arrival of the peak power consumption period and the traditional low demand period, and so market pessimism dominated the market. Since May, many private stainless steel mills have reduced production, or shut down production for unit maintenance, reducing demand for nickel.