Zhongwei shares issued an announcement last night that, in view of the company's continued optimism in the high nickel matte recovered from nickel laterite smelting, its wholly-owned subsidiary Zhongwei Hong Kong New Energy reached a supplementary agreement with RIGQUEZA to make additional investments in the joint venture PT.ZhongTsing New Energy. The two parties agreed to build a new laterite smelting project in Indonesia (Phase II) with an annual production capacity of 30,000 m of high nickel matte in metal content on top of Phase I project.

The current tightness of NPI, coupled with the upward trend in cost-end prices (mainly rising electricity prices) and the reduction in NPI output caused by power rationing, has made the problem of NPI shortage more difficult to solve.

One low-grade NPI producer in Shandong plans to shift producing pig iron from mid May. 

One NPI producer in Tangshan, Hebei Province planned to suspend production from May 9 for environmental protection inspections, Shanghai Metals Market learns. 

SHFE 1709 nickel started at RMB 84,370/mt and closed at RMB 84,860/mt, up RMB 590/mt or 0.70%.

One stainless steel mill in north China raised the bidding price for April’s low-grade NPI (Ni 2.5%), Shanghai Metals Market learns. 

LME nickel will fluctuate at around USD 10,000/mt and SHFE 1705 nickel will fluctuate between RMB 81,900-83,500/mt.

SHFE 1705 nickel started at RMB 81,280/mt and closed at RMB 80,930/mt.

Inbound shipments of nickel ore to China were 1.09 million tonnes in February, up both on a monthly and yearly basis, according to China Customs.

LME nickel will find support at the 10-day moving average on Monday and SHFE 1705 nickel will move at RMB 90,500-91,900/mt.