China’s refined nickel output increased 1,416 mt from October to 13,700 mt in November, up 11.56% on the month but down 2.73% on the year.

China’s copper cathode output increased month on month in November as the amount of new capacities continued to rise and as copper smelters stepped up production at the end of the year. In addition, rising inflow of high-quality copper scrap into domestic markets after the secondary copper resource policy took effect from November 1 boosted operating rates at copper scrap smelters.

China's refined nickel imports totalled 8,414 mt in October, down 37.65% on the month and 29.09% on the year. The import of unwrought unalloyed nickel with the Ni and Co total content over 99.99% and Co content less than 0.005% dropped 93 mt from September to 762 mt. The imports of other unwrought unalloyed nickel dropped 4,157 mt to 7,652 mt on the month, accounting for 90.94% of the total import. China's import of refined nickel from January to October cumulated 106,000 mt, down 37.98% on the year.

Inventories of refined nickel in the Shanghai bonded areas rose 1,000 mt from a week ago and stood at 24,300 mt as of November 6, showed SMM data.

China produced 14,600 mt of refined nickel in July, down 3.05% or 460 mt from June, but up 15.73% from a year earlier.

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.  

Jinchuan’s quote on their refined nickel (780x850x3~5mm) is RMB 94,000 / ton in Shanghai today and RMB 95,200 / ton for refined nickel (4x4 inch), RMB 800 / ton more than yesterday.

Nickel futures price slightly decreased this morning.

Jinchuan’s quote on their refined nickel (780x850x3~5mm) is 93,200 yuan / ton in Shanghai today and 94,400 yuan / ton for refined nickel (4x4 inch).

The mill price of Jinchuan Nickel spot is higher than the price in the spot market this morning.