【Ni Daily】Spread between Jinchuan and Russian nickel narrowed, with the rebound of nickel price being restricted

Date 9/14/2018 4:34:36 PM Source: SHMET

Spot market

SHFE spot nickel price today: 104000-109700 yuan / tonne, up RMB250/ton. The premium for Jinchuan spot nickel is RMB6000/tonne compared with Wuxi 1810 contract, RMB5750/tonne compared with SHFE dominant 1811 contracts. Spot Russian nickel has a premium of RMB300/ton compared with Wuxi 1810 contracts, and RMB 10/tonne compared with SHFE nickel dominant 1811 contracts. Jinchuan electrolytic nickel plates are quoted in shanghai at 109800 yuan/tonne, up RMB300/ton from the previous trading day. The spot nickel price rose slightly, jinchuan nickel premium remained unchanged, the import supply premium slightly increased, and the spread between jinchuan and Russian nickel narrowed. Nickel warrants continue to decline, but the spot market supply is still relatively loose. Spot transaction is flight. 

SHMET comments:  

On the fundamentals, the price of nickel ore continued to be stable. The price of ferronickel was supported by the tight spot and the rebound of nickel prices, and remained at a high level. In terms of refining nickel, the LME and the SHFE nickel stocks continued to decline, and the nickel price support remained. The domestic nickel briquettes delivery was expected to be strong. The domestic spot nickel plate supply is sufficient, the ferronickel plant's production increase expectation and the proportion of scrap stainless steel use have increased significantly, and the raw nickel supply gap has narrowed, which has created a bearish pressure on nickel prices. In terms of stainless steel, the atmosphere in the nickel market has turned warmer, and the supply in the spot market is still relatively tight, supporting the stainless steel market as a whole.


Edited by SHMET