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Print[Ferro-Alloys.com]This week the LME nickel price slightly rebounded. On Aug.21th, it closed at USD18876/mt, rising by USD276/mt than last week. The nickel stock sustained the rising trend since Jul., which improved by 3960tons to 324714tons on Aug.21th. Even though LME Ni price bore great pressure to go up, it was likely to recover in short term. Chinese nickel metal price increased by RM 500/mt with offers at RMB130500-130700/mt on Aug.22th.
Ferronickel prices stayed stable and were offered as follows (ex-work price including VAT), ferronickel (Ni 1.6-1.8%) at RMB2700-2750/ton, ferronickel (Ni 4-6%) at RMB1290-1310/Ni, ferronickel (Ni 6-8%) at RMB1280-1300/Ni and ferronickel (Ni 10-15%) at RMB1280-1300/Ni.
In Aug., the total capacity release of high FeNi in China was still low at 35-55%, while the recover sign started appearing and the optimistic prediction for FeNi market in Sep. increased.In China, the operating rate was still in low level, except the several areas maintained the operating rate of 50-55%, most of the producing areas could not reach half. This week the mainstream ex-works price of high FeNi was RMB1280-1300/Ni. However, several steel mills tried to reduce the purchasing price. What’s more, they did not show worry attitude despite of the hard purchase. Adding to the serious fund problems of steel mills, the high FeNi price face the falling risk in Sep..
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