Market Trading was Slack amid the High Spot Prices of Pure Nickel

Published: Nov 23, 2022 16:52

Source: SMM

Save

On November 23, spot premiums of Jinchuan nickel were 3,600-4,000 yuan/mt.

SHANGHAI, Nov 23 (SMM) - On November 23, spot premiums of Jinchuan nickel were 3,600-4,000 yuan/mt. The average premium stood at 3,800 /mt, down 450 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at premiums of 2,300-2,500 yuan/mt, with an average premium of 2,400 yuan/mt, down 50 yuan/mt from the previous trading day. SHFE nickel prices fluctuated with occasional ups affected by the news front. The absolute price of spots was still high despite the falls in premiums, and the spot trading was slack. Prices of nickel briquettes were 200,700-201,600 yuan/mt, up 500 yuan/mt from the previous trading day. Spot prices of nickel briquette were quoted at discounts, but the prices were still higher than the nickel sulphate prices. Besides, the demand from the steel mills was poor. Therefore, the market saw rare nickel briquette transactions.

Spot 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 for 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

15 mins ago

SMM Nickel Flash: NPI Market Weakens, Sentiment and Trading Sluggish in June

[SMM Nickel Flash] June 24 - The SMM high-grade NPI market sentiment factor was 2.23, down 0.04 MoM. The upstream sentiment factor for high-grade NPI was 2.59, down 0.08 MoM, and the downstream sentiment factor was 1.86, down 0.02 MoM. The NPI market weakened overall today, with extremely sluggish trading. The supply-demand price spread continued to widen. The substitution effect of steel scrap, combined with expectations of steel mill maintenance, doubly weighed on NPI demand.

15 mins ago

1 hour ago

[SMM Analysis] May Hydrometallurgy Intermediate Products Import and Export

1 hour ago

3 hours ago

[SMM Flash News] Indonesia Reportedly Considering Easing Nickel Mining Quotas in H2; Unconfirmed by ESDM

Market rumors suggest that Indonesia may relax the restrictions on the annual nickel ore mining quota (RKAB) in the second half of this year. This move may alleviate the tight raw material supply situation of local smelting enterprises, but it may also put downward pressure on international nickel prices. According to an unnamed informed source, the government may adjust a significant amount of the total annual nickel ore mining quota in the middle of the year, and some nickel ore enterprises plan to submit applications for quota increases early next month. However, the news is currently highly uncertain. As of now, there have been no clear reports from local Indonesian media, and the Ministry of Energy and Mineral Resources (ESDM) of Indonesia has not issued any official news or statements to confirm the claim regarding a substantial quota revision. The plan to relax the quota still has significant uncertainties, and SMM will continue to closely monitor the actual progress and official developments of this event.

3 hours ago