Spot Trading Remained Poor amid High Nickel Prices

SHANGHAI, Aug 22 (SMM) - On August 22, spot premiums of Jinchuan nickel were 5,300-5,500 yuan/mt. The average price stood at 5,400 /mt, down 350 yuan/mt from the previous trading day. Premiums of NORNICKEL nickel were 2,500-2,800 yuan/mt. The average price was 2,650 yuan/mt, a decrease of 300 yuan/mt from the previous trading day. Premiums of pure nickel may still trend lower this week. Futures prices surged compared with last Friday due to the energy crisis in Europe and Indonesia's tariffs, resulting in high spot prices and sluggish spot trading today. The prices of nickel briquettes were 178,900-179,900 yuan/mt, up 7,100 yuan/mt from the previous trading day. The cost efficiency of nickel briquettes was lower than that of intermediate products. Besides, at present, the mainstream raw material of alloy is still nickel plate, further leading to the poor nickel briquettes trading.