SMM Nickel Weekly Price Review and Forecast (Feb. 9-13, 2015)

SHANGHAI, Feb. 10 (SMM) – In China’s spot markets, SMM price for #1 refined nickel averaged RMB 108,990/mt last week, up RMB 2,200/mt on a weekly basis. Transactions for spot nickel continued to decline due to weak demand. Jinchuan Group raised prices by RMB 500/mt through four times of price adjustments, to RMB 108,500/mt.

Nickel supply in China’s spot markets exceeded demand due to the influx of imported nickel and low buying interest among downstream producers. However, spot prices are likely to move at RMB 106,500-110,000/mt with support from the level-out of LME nickel and crude oil.