[ferro-alloys.com]Yesterday, U.S president Trump criticized FED that they raised interest rates too fast. Meanwhile, UN representative of U.S Haley resigned suddenly. These news made U.S dollar went down. Besides, LME Week meeting was being held in London. Most of attenders believed that nickel would have a bright future in 2019. It made LME nickel price lifted up largely. By the end of trading, LME nickel was quoted at 12970 USD/T. It was 305 USD/T higher than the price on Monday. Today, encouraged by rising of LME nickel price and good macro policy, Shanghai Future Nickel price went up largely in the morning. Compared to Wuxi 1811 contract, the premium of Russian nickel was 100 RMB/T, and the premium of Jinchuan nickel was 6200 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 112200 RMB/T. It was 1000 RMB/T higher than the price yesterday.
Today, affected by rising of nickel market, the price of 304 series stainless steel lifted up. As “Sliver October” came, the total trading volume was rising in the market. Due to the restriction of high grade ferronickel output, the price of high grade ferronickel lifted up a little today. The mainstream price was 1065-1085 RMB/Nickel. It was said that a furnace for low grade ferronickel in one steel plant in Fujian Province would start overhaul today. It may affect output of low grade ferronickel. At present, the price of low grade ferronickel kept steady. It remained at 3750-3850 RMB/T.