Spot Premiums of Pure Nickel Dropped, and Sport Transactions Remained Poor

SHANGHAI, Aug 24 (SMM) - In the spot market, Jinchuan nickel was quoted at premiums of 4,000-5,000 yuan/mt as of August 24, with an average price of 4,500 yuan/mt, flat from the previous trading day. Premiums of NORNICKEL nickel were quoted at 2,500-2,800 yuan/mt, and the average price was 2,650 yuan/mt, down 150 yuan/mt from the last trading day.

The spot premiums of pure nickel maintained a downward trend, while the futures prices still run at a high level despite the fall. The spot transactions remained poor. The prices of nickel briquette were 173,200-173,800 yuan/mt, down 5,550 yuan/mt from the previous trading day. Since the cost efficiency of producing nickel sulphate with nickel briquette was poorer than with intermediates, and the mainstream raw material for alloys remained nickel plates, there was basically no spot transaction of nickel briquette.