The cost of local nickel pig iron in Indonesia is gradually strengthening, and the downward space for ferronickel prices is expected to be limited.

According to customs data, in December 2020, China's nickel ore imports totalled 3.17 million mt (wmt and dmt mixed), a decrease of 11.2% month on month and 26.6% year on year.

Stainless steel consumption has improved significantly month-on-month in July, but remained weaker than the same period last year. Inventories extended declines, suggesting robust sales in major markets, but remained higher compared to July 2019, according to the recent SMM survey.

Those metals cruised higher across the board in overnight trading. Zinc surged 1.7%, aluminium climbed 1.4%, lead advanced 0.7%, copper gained 0.3% and tin edged up 0.2%, while nickel failed to fully recover from opening losses and was down 0.3%.

LME nonferrous metals rose across the board on Monday morning, recovering from pullbacks on Friday caused by a flare-up in US-China tensions, as data showed an acceleration in China’s industrial profits growth in June.

SHFE nonferrous metals, except for nickel and tin, fell in early trade on Friday morning, as investors reacted to worsening US-China tensions and a sell-off in US markets overnight.

SHFE nonferrous metals fell across the board for the second consecutive day on Thursday July 16, as concerns over rising coronavirus cases and US-China tensions tempered optimism over a coronavirus vaccine.

SHFE nonferrous metals opened lower across the board on Thursday July 16, extending losses from last night, as investors risk aversion grew amid uncertainty over the coronavirus pandemic and US-China tensions.

China’s copper cathode output fell less than expected in June as a smelter delayed maintenance and as some smelters ramped up production after blister copper supply tightness eased.

Shanghai nonferrous metals, except for copper and lead, traded slightly lower on Tuesday morning, as caution returned to markets following strong performance overnight amid a broad-based bullish sentiment.