Nickel Prices to Run under Pressure

Published: Mar 16, 2023 09:35

Source: SMM

Save

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.

Spot Futures Market 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

22 hours ago

[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.

Affected by macro sentiment, MHP and high-grade nickel matte prices declined this week.

22 hours ago

[SMM Analysis] The market experienced panic selling this week, and nickel prices plummeted.

22 hours ago

23 hours ago

Data: SHFE, DCE market movement (Feb 06)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 Feb , 2026

23 hours ago