SMM Nickel Weekly Price Review and Forecast (Jul. 21-25, 2014)

Jul 22, 2014 09:54

Source:SMM

Nickel plate/sheet supply increased steadily.

SHANGHAI, Jul. 22 (SMM) – Nickel plate/sheet supply increased steadily. Prices for spot nickel plate/sheet in Shanghai gained RMB 430/mt in the week ending July 18. Consumption from stainless steel mills was sluggish in the offseason, with transactions largely done by traders. The price spread between Jinchuan nickel and Russian nickel hovered around RMB 500/mt.

This coming week, spot nickel prices are expected between RMB 126,000-132,000/mt. July is a low-demand month for stainless steel industry, so transactions will be made largely by traders. Prices for high-grade NPI have dropped below refined nickel prices, benefiting those stainless steel mills that produce with high-grade NPI. NPI looks set to be favored over refined nickel in stainless steel production through at least the end of July.

Shanghai nickel prices

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SMM Nickel Weekly Price Review and Forecast (Jul. 21-25, 2014)

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