Nickel Price Falls Back from Highs, with Deals Mainly among Traders

SHANGHAI, Aug. 23 (SMM) – On Wednesday, nickel price fell back from highs, and premiums of Jinchuan nickel fell to 400-500 yuan per tonne. The same day, Jinchuan Group cut ex-works price of nickel plate to 90,200 yuan per tonne, lower than spot offers of Jinchuan goods in the morning business. Some agents grasped the opportunity to replenish goods. 

Jinchuan Group Cuts Nickel Price by 300 yuan on Aug. 23

After SHFE nickel dropped, Russian nickel traded at premiums of 0 yuan per tonne, and overall trading sentiment was moderate as large domestic stainless steel mills completed purchases late last week and early this week. 

On Wednesday’s morning trade, deals were mainly among traders, and traded prices were largely between 89,500-90,300 yuan per tonne. 

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