SHANGHAI, Sep 30 – Companies have cut output this week due to the impact of the domestic power rationing, leading to weak downstream stockpiling before the holidays.
The SHFE/LME nickel price ratio inched lower from highs early last week, but rallied amid low inventory and market concerns over further inventory declines amid low prices.
Attention shall be paid to the domestic consumption and production restrictions post holidays. If there is a recovery of production, the nickel price ratio is expected to continue to improve, which will stimulate the inflow of pure nickel.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
