Baosteel Resources Increase Supply of South African Nickel-Shanghai Metals Market

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Baosteel Resources Increase Supply of South African Nickel

SMM Insight 05:29:07PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – According to SMM sources, Baosteel Resources increased supply of nickel from South Africa in order to meet pre-holiday stock replenishment demand from downstream producers. As South African nickel was offered at lower prices, downstream producers preferred to purchase low-price South African nickel.

However, as South African nickel is unable for arbitrage transactions in domestic electronic exchanges, volumes of South African nickel circulating in market is limited.

According to sources from Baosteel Resources, the company still has channel to import nickel from South Africa, and supply of such nickel will not change much.
 

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#1 Refined Cu
Oct.17
46700.0
-215.0
(-0.46%)
Aluminum Ingot
Oct.17
13960.0
80.0
(0.58%)
#1 Lead
Oct.17
17000.0
150.0
(0.89%)
0# Zinc
Oct.17
18890.0
-110.0
(-0.58%)
#1 Tin Ingot
Oct.17
139000.0
750.0
(0.54%)

Baosteel Resources Increase Supply of South African Nickel

SMM Insight 05:29:07PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – According to SMM sources, Baosteel Resources increased supply of nickel from South Africa in order to meet pre-holiday stock replenishment demand from downstream producers. As South African nickel was offered at lower prices, downstream producers preferred to purchase low-price South African nickel.

However, as South African nickel is unable for arbitrage transactions in domestic electronic exchanges, volumes of South African nickel circulating in market is limited.

According to sources from Baosteel Resources, the company still has channel to import nickel from South Africa, and supply of such nickel will not change much.