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.

Jinchuan Group raised nickel ex-works price by 500 yuan per tonne on Tuesday.

Jinchuan Group cut nickel ex-works price by 1,800 yuan per tonne on Friday.

Jinchuan Group cut nickel ex-works price by 2,800 yuan on Friday.

Jinchuan Group cut nickel ex-works price by 2,100 yuan per tonne on Friday.

Jinchuan Group raised nickel ex-works price by 1,500 yuan per tonne on Wednesday.

Jinchuan Group reduced nickel ex-works price by 400 yuan per tonne on Thursday. 

Jinchuan Group cut nickel ex-works price by 300 yuan per tonne on Friday. 

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