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[Ni] CBI Exclusive Report: Analysis of Nickel Market
SHANGHAI, May 12 (CBI China) -- A portion of NPI producers have restarted production since the nickel price rebounded in April, and the inquiries increased in nickel ore market, but the actual transactions remained stable.
The high-grade nickel ores at Tianjin and other ports were limited, as the imports remained low and selected traders sold off goods at low price. However, the demand will increase after the NPI producers restarted their capacity in Northwest, Inner Mongolia and Shanxi regions, so nickel price in Tianjin port was higher than the price in Lianyungang, Rizhao, and Lanshan ports.
A number of high-grade ore operator lifted the prices. For example, traders offered the price at RMB 290/mt for 2.1% nickel ore in early April, while current offer was RMB 360/mt. Meanwhile, some traders sold off spot nickel ore at low prices. Sources report that 1.8% nickel ore was traded at RMB 130/mt.
CBI believes the exploration cost and sea freight charge helped support the nickel price, and the higher domestic price over overseas price continued to correct along with the gradual market recovery, so the domestic spot ore inventories will become less, creating strong support to nickel price.
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