Tumbling LME Nickel Shadows China Nickel Ore Market, SMM Says
SHANGHAI, Aug. 13 (SMM) – Medium and high-grade nickel ore market is overshadowed again by tumbling LME nickel, Shanghai Metals Market reports.
“The price of medium and high-grade nickel ore held stable Aug. 12, but market sentiment turned pessimism again, a result of sharp losses on the LME nickel,” SMM’s nickel analyst says.
Suppliers of medium and high-grade ore refused to sell, while some NPI producers looked for cheap resources, according to SMM survey.
On Aug. 12, the price of Ni 0.9-1.0% ore was 145-165 yuan, 200-305 yuan for Ni 1.4-1.6%, and 455-520 yuan for Ni 1.8-1.9% ore, according to SMM data.
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