[ferro-alloys.com]It’s certain that FED would drop 25 points interest. It confirmed to people’s expection. However, the speech of Chairman Powell was a little hawkish, the index of U.S dollar rose up. By the end of trading, LME nickel was quoted at 14555 USD/T. It was 250 USD/T higher than the price on Tuesday. Due to rising of LME nickel, the future nickel went up largely today. People were cautious in the market. Compared with Shanghai future nickel 1909 contract, the discount of Russian nickel was 250-300 RMB/T, and the premium of Jinchuan nickel was 1600-1800 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 114000 RMB/T. It was 500 RMB/T higher than the price yesterday.
The stainless steel market kept steady today. The prices of main products was stable. Due to rising of nickel price, the high grade ferronickel was quoted at 1035-1045 RMB/Nickel, it was a little higher than the price yesterday. The price of low grade ferronickel was 3050-3250 RMB/T.