SHANGHAI, Sept. (SMM) – In China’s domestic spot market, the average price of #1 nickel was RMB 97,500/mt for the week ending September 13th, up RMB 60/mt from a week earlier. Jinchuan Group kept its ex-works prices unchanged at RMB 102,300/mt. Traded prices for Jinchuan nickel, however, were between RMB 97,500-98,800/mt, and with Russian nickel prices at RMB 96,300-97,900/mt, there was a gap of RMB 900-1,200/mt between the two. Strong market caution turned trading light.  

Downstream producers in China’s nickel spot markets entered the market last Wednesday after copper prices rallied slightly, but no trading was reported for the remainder of the week. Overall trading was light, and domestic nickel spot prices are expected to move in the RMB 97,000-100,000/mt range in the coming week.