SHANGHAI, Jul. 23 (SMM) – In China’s domestic spot markets, trading was quiet. In Shanghai, the average price for #1 nickel was RMB 96,860/mt, up RMB 1,100/mt from a week earlier. The unfavorable Shanghai/LME price ratio dampened demand for Russian nickel, but SMM has learned that approximately 400 mt of nickel from South Africa entered the market. Jinchuan Group indicated it would hold prices firm and would make price quotes on a daily basis. Prices for refined nickel were adjusted for a fourth time on Thursday from RMB 102,000/mt to RMB 98,500/mt, for a weekly decline of RMB 3,500/mt. Last week, prices for Sumitomo nickel were RMB 200/mt below Jinchuan nickel, while prices for South African nickel were RMB 400/mt below Russian nickel.