SHANGHAI, Oct. 29 (SMM) – In China’s domestic spot markets, the average price of #1 nickel from 18-24 October was RMB 99,520/mt, up RMB 2,150/mt. Trading of Russian nickel was more active than Jinchuan nickel, with traded prices for Jinchuan nickel between RMB 98,100-100,100/mt, which created a gap of RMB 1,000/mt between the two. Jinchuan Group adjusted ex-works prices four times last week, with a total increase of RMB 2,200/mt.
LME nickel inventories and the number of cancelled warrants continued to rise last week, both indications of sluggish demand. The US Federal Reserve’s meeting this week will be closely watched by markets, while the official China manufacturing PMI for September will be also announced. LME nickel prices are expected to move between USD 14,600-14,900/mt. In the China’s nickel spot market, downstream producers will continue to purchase to order, with overall trading sentiment remaining low. Traded prices for Jinchuan nickel are expected between RMB 100,000-101,500/mt, with the price gap between Jinchuan and Russian nickel around RMB 1,000/mt.