Transactions were Poor as SHFE Nickel Further Increased and Spot Premiums Slightly Declined

Published: Aug 26, 2022 11:24

Source: SMM

Save

In the spot market, on Aug 26, the premiums of Jinchuan nickel were quoted at 4,000-4,500 yuan/mt, with an average price of 4,250 yuan/mt, down 50 yuan/mt from the previous trading day.

SHANGHAI, Aug 26 (SMM) - In the spot market, on Aug 26, the premiums of Jinchuan nickel were quoted at 4,000-4,500 yuan/mt, with an average price of 4,250 yuan/mt, down 50 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at 2,400-2,600 yuan/mt, and the average price was 2,500 yuan/mt, down 200 yuan/mt from the previous trading day. As the futures prices were still high, downstream demand was still weak. The spot transactions were lower than expected. In terms of nickel briquette, the price of nickel briquette was 176,800-177,300 yuan/mt, up 2,750 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.

Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

11 hours ago

12 hours ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.

12 hours ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.

12 hours ago