Market risk aversion rise and nickel price fall under pressure

Date 10/11/2018 4:30:16 PM Source: SHMET

Spot market

SHANGHAI, Oct 11 (SHMET) – SHFE spot nickel price today: 104,300-110,600 yuan/mt, down 1850 yuan/mt. The premium for Jinchuan spot nickel is 6,500 yuan/mt compared with Wuxi 1810 contract, and 6,620 yuan/mt compared with SHFE nickel three-month 1811 contracts. Spot Russian nickel has a premium of 200 yuan/mt compared with Wuxi 1810 contracts, and has a premium of 320 yuan/mt compared with SHFE nickel three-month 1811 contracts. Jinchuan electrolytic nickel plates are quoted in shanghai at 110,000 yuan/mt, down 2,200 yuan/mt from the previous trading day. On Oct 11, the spot nickel price fell with the market, and Jinchuan group is still reluctant to sell and the Jinchuan cargoes in the market are still tight, with Jinchuan premium being still high. Spot Russian nickel supply is sufficient, with the transaction being still light. 

SHMET comments:  

On the fundamentals, spot import of refined nickel maintained large loss, limiting the import of refined nickel in the short term. Nickel ore price is stable. With the resumption of production in ferronickel plants, ferronickel price is expected to weaken. In terms of stainless steel, the indicated price of stainless steel is down 50-100 yuan/mt. recently, 300 series stainless steel social inventory continue to drop and the overall stainless steel market is stronger.


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Edited by SHMET