[ferro-alloys.com]Yesterday, LME week conference ended.The good news for nickel market disappeared gradually. U.S shares crashed. The yield rate of U.S bonds rose up. However, as the Pound and Euro went up, its effect was neutralized. So, U.S dollar went down. Both demand and supply levels increased in nickel market. So, LME nickel price dropped down largely. By the end of trading, LME nickel was quoted at 12700 USD/T. It was 270 USD/T lower than the price on Tuesday. In domestic market, affected by declining of LME Nickel, Shanghai Future Nickel price went down largely. Compared to Wuxi 1811 Contract, the premium of Russian nickel was 200 RMB/T, and premium of Jinchuan nickel was 6300 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 110000 RMB/T. It was 2200 RMB/T lower than the price yesterday.
Influenced by dropping of LME nickel price, the prices of stainless steel went down. So, the price of high grade ferronickel could not keep on rising. What’s more, Jinchuan’s Laterite Nickel Project in Indonesia was being pushing forward. It might shocked the domestic ferronickel market. Today, the price of high grade ferronickel remained the same, so did the price of low grade ferronickel. The mainstream price of high grade ferronickel was 1065-1085 RMB/Nickel. The low grade ferronickel was quoted at 3750-3850 RMB/T.