SHANGHAI, Mar. 14 (SMM) – LME nickel increased sharply above USD 10,000/mt on Monday’s night trading after a significant decline. Indonesia is promoting nickel ore export policy, but the news will not affect China’s market until May. Nickel ore supply is tight in China’s market while stainless steel mills resume output successively after 2017 Chinese New Year holiday. So, LME nickel will not decline below USD 10,000/mt in March with positive fundamentals. SHFE 1705 nickel will remain rising momentum on Tuesday and will move between RMB 84,500-85,500/mt.
In China’s domestic market, spot nickel plate should trade at RMB 84,800-85,500/mt on Tuesday.