SHANGHAI, Mar. 25 (SMM) – Last week, the average price of #1 SMM refined nickel was RMB 100,160/mt, up RMB 5,300/mt. Jinchuan Group raised ex-works prices by a total of RMB 5,500/mt to end the week at RMB 102,500/mt, Downstream producers generally stood on the sidelines and made only limited purchases. Hedging trading dominated market transactions.
This week, SMM expects LME nickel prices to fall back, with low and high-end expected at USD 15,400/mt and USD 16,000/mt, respectively. In China’s domestic nickel spot market, ample supply has cooled speculation over prices. With nickel prices in Wuxi’s electronic trading falling, traded prices for Russian nickel this week are expected to be RMB 99,000-101,000/mt, creating a gap of RMB 1,000/mt with Jinchuan nickel. Downstream buying interest will be low, with most deals made mainly among traders.