SHANGHAI, Jul. 29 (SMM) – In China’s domestic spot markets, the #1 nickel average price last week was RMB 98,840/mt, up RMB 2,170/mt from a week ago. Jinchuan Group raised prices on Monday and Tuesday by RMB 1,500/mt and RMB 500/mt, respectively, pushing nickel prices to RMB 100,000/mt. Traded prices for Jinchuan goods, however, remained below RMB 100,000/mt and showed no signs of upward momentum. LME nickel closed Wednesday up nearly USD 200/mt, but Jinchuan Group did not raise prices. Premiums for refined nickel from bonded warehouses rose to USD 130/mt. Due to higher prices, however, sales of Russian nickel were weaker than for Jinchuan goods. 

 

In the coming week, LME nickel will fluctuate in the USD 14,200-14,600/mt range. Domestic spot nickel prices will move between RMB 99,400-126,500/mt and traders will continue to dominate market trading.