High Price Depresses Nickel Spot Trading, SMM Reports

SHANGHAI, Aug. 3 (SMM) – Trading sentiment in China’s domestic nickel spot market was low in morning business on Wednesday, Shanghai Metals Market learns. 

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In the morning business, Jinchuan nickel was offered at premiums of 1,800 yuan per tonne, with traded prices dealt at premiums of 1,700 yuan. Trading sentiment was dull among traders, and deals were sparsely heard between traders and downstream producers, SMM learns. Demand from electroplating and alloy producers was weak, and stainless steel mills also showed low buying interest. Russian nickel was largely sold at premiums of 0 yuan. To sum up, mainstream traded prices of nickel plate were between 83,400-85,200 yuan per tonne. 

This morning, Jinchuan Group raised offers up to 85,000 yuan per tonne for nickel plate, and 86,200 yuan per tonne for nickel in barrels, up 1,500 yuan, 200-400 yuan lower than than spot price of Jinchuan nickel. Jinchuan Group was active in sales. 

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