SHANGHAI, Jul. 8 (SMM) – Last week, the average SMM #1 spot nickel price was RMB 131,440/mt, up RMB 5,030/mt from a week ago. Jinchuan Group raised ex-works prices twice by a total of RMB 7,000/mt to close the week at RMB 135,000/mt. Consumption remained sluggish due to the off-season and tight cash, curbing Chinese buyers’ appetite for imports. Transactions were made largely by traders. Downstream producers bought only to need.
LME nickel prices are expected to fluctuate in a tight range, offering no support to spot nickel prices in China. Downstream demand is unlikely to pick up. Transactions will be made largely by traders. As such, spot nickel prices are expected between RMB 133,000-136,000/mt this coming week.