SMM Nickel Market Morning Comment (May 22)

On May 21, Jinchuan nickel was at a premium of 600-800 yuan/mt, with an average of 700 yuan/mt, down 150 yuan/mt from the previous trading day. Russian nickel was at a discount of 300-800 yuan/mt, with an average of 550 yuan/mt, down 100 yuan/mt from the previous trading day. Although the market slightly dropped along with the non-ferrous metals sector in the morning, it remained at high levels overall. Downstream demand did not see a significant increase, making spot market transactions scarce. Nickel briquette prices were 153,100-154,300 yuan/mt, up 800 yuan/mt from the previous trading day. The price gap between nickel briquette and nickel sulphate was approximately 8,245.5 yuan/mt (nickel sulphate prices were 8,245.5 yuan/mt lower than nickel briquette prices).