Production Cuts of Steel Mills Weigh on Nickel Demand

Published: Mar 22, 2023 09:48

Source: SMM

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Spot nickel trading remained sluggish on the slight rise in premiums. The average price of SMM Ni 8-12% high-grade NPI was 1,200 yuan/mtu (ex-factory, tax included), flat from the previous trading day.

SHANGHAI, Mar 22 (SMM) - Spot nickel trading remained sluggish on the slight rise in premiums. The average price of SMM Ni 8-12% high-grade NPI was 1,200 yuan/mtu (ex-factory, tax included), flat from the previous trading day. Frequent news of production reduction and shutdown of stainless steel mills were bearish for NPI prices. On the demand side, the inquiries and transactions were still weak amid short restocking period. Traders were less willing to pick up goods, hence the spot supply of some specifications was tight. In general, the weak pure nickel demand weighed on the nickel prices.

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