Nickel Futures and Spot Prices Hover at Lows Yesterday

SHANGHAI, Mar 31 (SMM) - SHFE nickel prices fell after surging yesterday. The spot prices hovered at lows, and the transactions were poor. In terms of NPI, stainless steel mills reduced production in March intensively, which was negative for NPI prices as a whole, and they are less likely to ramp up production in April. The mills were less willing to restock amid the poor stainless steel consumption, and they lowered their purchase prices. On the demand side, according to SMM research, there have been more inquiries and transactions for NPI recently, and the prices trended lower. Tsingshan Group disclosed the bid prices. The cost support also declined greatly. News said that a stainless steel mill in east China had partially resumed production, thus the futures prices hovered at lows. In summary, the recent macro situation is stable, but the growth of nickel prices will still be hindered by the weak fundamentals.