SHANGHAI, Apr. 13 (SMM) – Chengde Nickel devices malfunctioned on Wednesday night, triggering anticipation over #200 and #300 stainless steel supply reduction in China’s market. This will support stainless steel prices and profits of #200 and #300 stainless steel are expected to rally. However, steelmakers, scheduling to overhaul previously, may postpone maintenance due to higher profits. Sharp decline in stainless steel profits weighed down nickel prices and sent the prices down rapidly. With devices malfunction at Chengde Nickel, nickel prices are expected to stop falling on Thursday and SHFE 1709 nickel will move at RMB 81,500-82,500/mt.
In China’s domestic market, spot nickel should trade at RMB 80,500-81,800/mt on Thursday.