SMM Nickel Market Morning Comment (Jul 25)

On July 24, Jinchuan nickel was quoted at a premium of 1,800-2,000 yuan/mt, with an average of 1,900 yuan/mt, flat compared to the previous trading day. Norilsk nickel was quoted at a discount of 50 yuan/mt to a premium of 100 yuan/mt, with an average premium of 25 yuan/mt, down 75 yuan/mt from the previous trading day. In the morning, as the market fluctuated downward, spot premiums saw a slight increase. Nickel briquette prices were 126,500-126,800 yuan/mt, down 450 yuan/mt from the previous day. The price spread between nickel briquette and nickel sulphate was about 2,895 yuan/mt (nickel sulphate prices were 2,895 yuan/mt higher than nickel briquette prices).