[Ferro-alloys.com]Entering Mid-Dec., inquires and purchases for medium and high grade nickel ores was still active. Despite of the downturn LME Ni price in recent two weeks, the spot price of medium and high grade nickel ores stayed stable as Ni 1.7% was quoted at RMB530-540/wet mt, Ni 1.8% was RMB600-620/wet mt and Ni 2.0% was RMB720-730/wet mt while some improved to RMB750/wet mt.

Compared with the medium and high grade nickel ores, the low grade nickel ores price and purchases were weak. The weak demand pushed the stock to high level and it was expected that the poor condition would be hard to be changed in short term. As the import cost high, the sales for low grade nickel ores traders means loss. However, considering the high stockpiling fee, many traders had to reduce the price to deal with the stock. Now the low grade nickel ore with Ni 0.8%, Fe49% was traded at RMB200-205/wet mt while Ni 0.9-1.1%, Fe49% was about RMB210/wet mt.

As many nickel ores miners priced on basis of the LME Ni price, the weak situation of LME Ni price in recent week pressured on nickel ores price. On Dec.17^th, the LME Ni closed at USD15671/mt, which declined by USD1444 in recent ten days. Entering Dec., the LME nickel stock maintained at 406thousand tons, 150thousand tons higher than the same time of last year. According to the statistics, in 2013, total FeNi (nickel metal content) output was 501thousand tons and refined nickel metal was 310thousand tons. Both the high stock and technical specifications forced the nickel price to go down then.

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• [Editor:Juan]