Jinchuan Group Cuts Nickel Price by 200 yuan on June 17

Indonesian HPM prices saw an increase during the second pricing period of May, leading to a corresponding rise in pyrometallurgical-grade ore prices. However, nickel pig iron (NPI) prices remain under continued downward pressure in the short term.

This week, the average price of SMM 8-12% high-nickel pig iron is 950.1 RMB per nickel point (tax-included, ex-factory), which represents a decrease of 17.4 RMB per nickel point compared to the average price last week. The price of high-nickel pig iron continues its previous downward trend.

Jinchuan Group cut its ex-works prices 1,700 yuan per tonne on Aug. 25.

Jinchuan Group raised its ex-works prices 1,500 yuan per tonne on May 3.

As of Friday noon, LME nickel traded at $8,450 per tonne, up 1.75% on a weekly basis, while during the same period, SHFE 1605 nickel was off 0.18% to 66,290 yuan per tonne.

Jinchuan Group cut its ex-works prices by 500 yuan per tonne on Mar. 30.

Prices for low-grade NPI rose 10 yuan on Mar. 21 in China’s domestic spot market, according to SMM data.

Jinchuan Group raised its ex-works prices by 1,000 yuan per tonne on Feb. 4.

Jinchuan Group raised its ex-works prices by 600 yuan per tonne on Jan. 19.

China’s major nickel producers agreed an initial plan to cut output by 100,000 tonnes in 2016 during the meeting last Friday, according to SMM sources.