SHANGHAI, Mar. 4 (SMM) – In the Shanghai spot nickel market last week, the price for SMM #1 nickel averaged at RMB 93,560/mt, down RMB 1,380/mt. The monthly average price was RMB 94,540.62/mt, also down RMB 673.66/mt. Jinchuan Group adjusted ex-works prices three times last week, with prices closing the week at RMB 95,500/mt, down by a total of RMB 1,000/mt. With the month’s end, transactions among traders turned quiet, while downstream enterprises also expressed little buying interest.
SMM expects LME nickel prices to hover between USD 14,200-14,600/mt this coming week. In China’s domestic nickel market, trading is expected to remain among traders due to weak demand. Traded prices for Jinchuan nickel will range between RMB 93,500-95,000/mt, creating a gap of RMB 1,000/mt with Russian nickel.