[Ferro-Alloys.com]LME nickel price closed at 14745 on Feb 12, down 385 over the previous week. LME nickel stock was 426,018 tonnes, increasing by 2,528 tonnes. LME nickel price fell last week after it formed a star-shape in the previous week on the week chart. Up to Feb 13, LME nickel price fell by about 2%.

 

Low FeNi (Ni1.6-1.8%) fell by 50 yuan this week with mainstream quotation at RMB2,600-2,650/tonne. Currently, price of low FeNi returned to the average for the past two years. The price is expected to maintain the current level in short term due to the weak demand of stainless steel. Medium and high FeNi remained stable with seldom transactions this week. Currently, medium FeNi (Ni4-6%) was mainly quoted at RMB1,040-1,060/Ni, FeNi (Ni6-8%) at RMB1,030-1,050/Ni, and high FeNi (Ni10-15%) was mainly quoted at RMB1,060-1,080/Ni. Meanwhile, price of nickel ore （Ni1.8%) was RMB580/WT, up 45% over the same period last year, and it was US$71/WT FOB Philippines main ports, up 108% compared with the same period last year. High FeNi price could hardly fall due to the high cost.

 

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