SMM Nickel Market Morning Comment (Oct 31)

Published: Oct 31, 2024 09:07 (GMT+8)

Source: SMM

Save

On October 30, Jinchuan nickel was quoted at a premium of 1,700-1,900 yuan/mt, with an average of 1,800 yuan/mt, up 100 yuan/mt from the previous trading day.

On October 30, Jinchuan nickel was quoted at a premium of 1,700-1,900 yuan/mt, with an average of 1,800 yuan/mt, up 100 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 200-0 yuan/mt, with an average of 100 yuan/mt, remaining unchanged from the previous trading day. On the morning of October 30, the futures market fluctuated, and spot premiums slightly increased compared to the previous working day, mainly due to the overall decline in nickel prices. Nickel briquette prices were 123,500-123,700 yuan/mt (in short supply), up 150 yuan/mt from the previous trading day. The price spread between nickel briquette and nickel sulphate was about 936 yuan/mt (nickel sulphate prices were 936 yuan/mt higher than nickel briquette prices).

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 min ago

[SMM Analysis] Pre-holiday Market Trading Sparse, Nickel Salt Prices Decline This Week

1 min ago

2 mins ago

[SMM Analysis] Market Transactions Were Scarce Before the Holiday, Nickel Salt Prices Fell This Week

Pre-holiday market trading was thin, and nickel salt prices fell this week.

2 mins ago

42 mins ago

[SMM Stainless Steel Flash] India's Stainless Steel Longs Export Offers Stable W-o-W Amid Subdued Trade Activity

India's stainless steel longs export offers remained largely stable WoW in the assessment week, with trading activity subdued amid limited buyer interest. Elevated freight costs, tight scrap availability, and higher alloy costs continued to support sellers' price expectations. European buying interest remained muted amid uncertainty over CBAM implementation and quota-related developments. Indicative export offers held at USD2,350–2,380/t FOB India for 304 bright bars and USD4,320–4,350/t for 316 bright bars; BigMint assessments placed both at USD2,380/t and USD4,330/t FOB Nhava Sheva respectively, unchanged WoW. Domestically, the longs market held firm with 304 bright bars at INR 230,000/t (+INR 3,000/t WoW) and 316 at INR 398,000/t (+INR 7,000/t). The near-term export outlook remains stable, with gradual improvement possible as overseas buyers return from the holiday period, though weak UAE demand and elevated freight costs are expected to limit fresh bookings.

42 mins ago