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.

Refined nickel output at domestic nickel smelters in SMM survey sample was 11,900 tonnes, down 1,540 tonnes or 11.5 per cent on a monthly basis, according to SMM data.

China’s refined nickel output grew in August on a monthly basis, SMM learns. 

Global nickel market was in a shortage of 60,300 tonnes from January to June 2017, according to World Bureau of Metal Statistics (WBMS). 

World's refined nickel supply shortages expanded to 4,400 tonnes in February, according to International Nickel Study Group (INSG). 

World's nickel market was in deficit of 20,000 tonnes during the first two months of 2017, according to latest data from World Bureau of Metal Statistics (WBMS). 

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

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.