Nickel Price Advances Following Production Cut News

SHANGHAI, Oct. 9 (SMM) – SHFE 1801 nickel opened higher on the first trading day after the week-long holiday in China following output cut news in Shandong.

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The news that nickel producers in Shandong’s Linyi will be required to cut output by 50 per cent in winter months fueled the rise.

On Monday, some downstream producers, including one large alloy producer in Hebei, entered the market for purchases, with moderate trading sentiment heard.

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Jinchuan nickel was at premiums of 1,400 yuan per tonne, and Russian nickel at premiums of 300-350 yuan per tonne, and traded prices were mainly between 86,300-87,900 yuan per tonne. 

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