SHFE Nickel Prices Continued to Drop while the Spot Prices Declined

SHANGHAI, June 24 (SMM) - In the spot market, Jinchuan nickel were quoted at 10,000-11,000 yuan/mt, with an average price of yuan 10,500/mt, up 3,250 yuan/mt from yesterday. NORNICKEL nickel was offered at 5,500-5,500 yuan/mt, and the average price was 5,500 yuan/mt, flat from yesterday. The sharp correction in the spot absolute price of nickel plate today was mainly due to the continuous decline of the futures amid the poor macro sentiment and the arrival of overseas pure nickel.

In terms of nickel briquette, the price of nickel briquette was 179,500-181,500 yuan/mt, down 7,450 yuan from yesterday, mainly because the premiums narrowed. In addition, as the economy effectiveness of nickel briquette was lower than intermediate products and nickel plates were currently the mainstream alloys raw materials nickel plate, the spot transaction of nickel briquette was poor.