[Ni Price] SMM Nickel Market Daily Review (2015-7-24)

SHANGHAI, Jul. 27 (SMM) – SMM #1 nickel prices were between RMB 82,800-84,100/mt. Premiums of Jinchuan nickel against the most actively traded contracts on the Wuxi electronic trading were RMB 600/mt in the morning. Downstream buying interest was weak as nickel prices continued to fall, with traded prices between RMB 83,100-83,800/mt. Discounts of Russian nickel against the most actively traded contracts on the Wuxi electronic trading was around RMB 100/mt in the afternoon. The discount narrowed now that traders were no longer pessimistic toward the market, but trading at this price level was muted. Both Jinchuan nickel supply and purchases decreased as stainless steel plants cut output, with traded prices between RMB 83,000-83,800/mt. Jinchuan lowered nickel price by RMB 1,000/mt to RMB 84,000/mt.