Nickel Prices to Move with Some Declines

SHANGHAI, May 4 (SMM) - Some imported pure nickel flowed into the Chinese spot market for delivery of long-term contracts in May, easing the supply tightness in China. Nickel ore shipments from the Philippines stood low as the mines in the country were less willing to ship cargoes, which tightened the nickel ore supply in China. On the demand side, according to the production schedules of stainless steel mills in May, the primary nickel demand is expected to grow. In terms of alloys, nickel plate demand from the  military alloy sector remained stable. To sum up, the supply tightness of pure nickel was eased, and the downstream demand stayed stable. The nickel prices will remain rangebound with some downward potential.