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Home / Metal News / Nickel Prices to Run under Pressure

Nickel Prices to Run under Pressure

Mar 16, 2023 09:35

Source:SMM

On the supply side, due to the delivery of the SHFE 2303 nickel yesterday, the upstream companies were less willing to ship, and the spot transactions fell short of expectations.

SHANGHAI, Mar 16 (SMM) - On the supply side, due to the delivery of the SHFE 2303 nickel yesterday, the upstream companies were less willing to ship, and the spot transactions fell short of expectations. In terms of NPI, a large NPI plant in Indonesia planned to cut production, which may ease the oversupply. On the demand side, according to SMM research, the SS contract prices went up overnight. Spot quotations rose slightly in the morning, and the transactions were acceptable. A stainless steel mill in east China offered a new stainless steel price in south China, which was lower than the weekly price, which failed to boost the downstream orders. Alloy companies mainly purchased on demand amid poor orders. To sum up, the pure nickel sector faces weak supply and demand, weighing on nickel prices.

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