SMM Nickel Market Morning Comment (May 23)

On May 22, Jinchuan nickel was at a premium of 600-800 yuan/mt, with an average of 700 yuan/mt, flat compared to the previous trading day. Russian nickel was at a discount of 300 to 600 yuan/mt, with an average of 450 yuan/mt, up 100 yuan/mt from the previous trading day. Although the market slightly dropped in the morning along with the non-ferrous metals sector, it remained at a high level overall. Downstream demand did not significantly increase, making spot market transactions scarce. Nickel briquette prices were 154,200-154,700 yuan/mt, up 750 yuan/mt from the previous trading day. The price gap between nickel briquette and nickel sulphate was about 8,086.4 yuan/mt (nickel sulphate prices were 8,086.4 yuan/mt lower than nickel briquette prices).