[ferro-alloys.com]Yesterday, U.S FOMC summary showed that members were cautious with rising interest rate in the future. U.S dollar index went down. Saudi Arabia reiterate that they would balance oil market, oil price lifted up. So, by the end of trading, LME nickel was quoted at 11250 USD/T. It was 45 USD/T higher than the price on last trading day. Today, China and U.S did not announced to reach an agreement with each other. Meanwhile, both PPI and CPI were in lower level in China. So, future nickel price dropped down today. Compared with Wuxi 1901 contract, the discount of Russian nickel was 50 RMB/T, and the premium of Jinchuan nickel was 700 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 92100 RMB/T. It was the same as the price yesterday.
At present, the stainless steel market kept steady，and supply-demand level of ferronickel maintained the status.So, ferronickel market kept steady today. The mainstream price of high grade ferronickel was 930-950 RMB/Nickel, and the price of low grade ferronickel was 3350-3500 RMB/T.