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Weak Supply and Demand Weigh on Nickel Prices Today

iconMar 14, 2023 11:23
Source:SMM
On the supply side, nickel prices continued to fluctuate, with little change in spot premiums, and intraday spot transactions were slack.

SHANGHAI, Mar 14 (SMM) - On the supply side, nickel prices continued to fluctuate yesterday, with little change in spot premiums, and intraday spot transactions were slack. In terms of NPI, thousands of tonnes of NPI were traded at 1,240 yuan/mtu (tax included, delivery to factory) by a stainless steel mill in east China yesterday. Traders and some NPI plants undercut their prices due to the high inventory and the slack market. On the demand side, according to SMM research, a stainless steel mill in south China announced that it will temporarily not control the sales prices of stainless steel varieties in the Wuxi and Foshan markets, and the prices will be negotiated by each company. Alloy companies mainly purchased on demand amid the poor orders. To sum up, the pure nickel sector faces weak supply and demand, weighing on nickel prices.

Spot
Futures
Market
Market

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