SHANGHAI, Oct. 25 (SMM) – Nickel price, after falling back last week, rose for two days in a row. What’s factor behind the rise, and will the rising momentum be continuing?
SMM gives you a brief analysis across the industry chain.
SMM Exclusive: What’s Factor Behind Big Rise in China Base Metal Market on Tuesday?
Nickel ore: the Philippines has not released its final result of auditing on mining sector, and the result may be announced around late October. The coming monsoon season in the country’s major ore producing region will negatively affect mining operations and ore shipments to China.
NPI: Production costs at Chinese NPI producers have been rising with higher prices of raw materials, including coke and anthracite.
Stainless steel: Prices of stainless steel products are rising due to big rise in high-carbon ferro-chrome price and spot supply shortages of some products. SMM expects some mills to cut output from November, considering the rapid rise in high-carbon ferro-chrome price.
SMM expects SHFE 1701 nickel to trade around 81,500 yuan per tonne in the near term.
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