SMM Nickel Market Daily Review (2013-2-26)

SHANGHAI, Feb. 27 (SMM) -- Jinchuan Group cut ex-works nickel prices by RMB 8,000/mt to RMB 118,000/mt on Tuesday. During the morning trading hours, mainstream traded prices for nickel from Jinchuan Group were between RMB 118,300-118,500/mt, and mainstream traded prices of nickel from Russia were between RMB 117,300-117,500/mt. Transactions of nickel at RMB 118,300/mt were relatively brisk. Purchasing costs for Jinchuan Group nickel were between RMB 118,600-118,700/mt, so some traders were reluctant to move goods and kept offers firm at RMB 118,700/mt. However, as LME nickel prices fell steadily, mainstream offers of Jinchuan nickel fell rapidly to RMB 118,300-118,500/mt.