Falling Bid Price by Stainless Steel Mills to Pressure Nickel Ore Price, SMM Says

Published: Sep 25, 2015 10:40

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Spot prices of medium and high-grade nickel ore are expected to suffer more losses, Shanghai Metals Market predicts.

SHANGHAI, Sept. 25 (SMM) – Spot prices of medium and high-grade nickel ore are expected to suffer more losses, Shanghai Metals Market predicts.

“The cut by stainless steel mills will pass more downward pressure onto nickel ore spot prices,” SMM nickel analyst says.

This week, one Jiangsu-based stainless steel mill cut its bidding price for high-grade NPI, and NPI producers in Inner Mongolia said they would choose to suspend production if CIF prices of medium-grade ore were at $28 per wmt, SMM learns, considering the price at $26 per wmt acceptable.

On Sept. 24, the price of Ni 0.9-1.0% ore was 130-150 yuan, 180-280 yuan for Ni 1.4-1.6%, and 430-490 yuan for Ni 1.8-1.9% ore, all unchanged from a day earlier, according to SMM data.

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