SHANGHAI, Oct. 13 (SMM) – In China’s spot nickel market, the average price for SMM #1 refined nickel inched up RMB 100/mt from pre-holiday level to RMB 114,250/mt last week. The price spread between Russian and Jinchuan nickel shrank to RMB 200-300/mt. Sellers held back goods at lows. Traders and downstream producers were little interested in buying.
This coming week, nickel prices in China’s spot market are expected between RMB 113,500-116,500/mt. Russian nickel will likely trade at discounts of less than RMB 300/mt over Jinchuan nickel.