Premiums for Russian Nickel in Bonded Area Rise Rapidly

Nickel futures prices rose significantly last week and then fell to around 140,000 yuan/mt on February 26, and the spot transactions rebounded. Currently, the downstream industries of refined nickel have fully resumed work, and the orders from alloy casting enterprises are relatively stable as they had restocked before CNY and maintained production in holiday.

Russian nickel was trading at a discount of 300 yuan/mt against the Wuxi Stainless Steel Exchange 1802 contract on Friday February 2 whereas Jinchuan nickel was flat, SMM learned.  

Refined nickel inventories in Shanghai fell 9.6 per cent in September on a monthly basis, according to SMM data.

Trading sentiment in China’s domestic nickel market was moderate, with SHFE nickel fluctuating.

Three NPI producers in major producing regions have received the notice of suspending production, and this has grown market expectation over NPI supply shortages, supporting high-grade NPI price.

Nickel Price Advances Following Production Cut News

Jinchuan Group Raises Nickel Price 1,500 yuan on Oct. 9

Stainless steel output at one stainless steel mill in southwest China is now low, Shanghai Metals Market learns.

On Tuesday, Jinchuan nickel was offered at premiums of RMB 800/mt over Wuxi’s 1710 nickel, and Russian nickel at premiums of RMB 250-300/mt over the same contract. 

Jinchuan Group cut nickel ex-works price by 600 yuan per tonne on Tuesday.