[ferro-alloys.com]FED Summary showed that the reduction of interest in July was only a mid-term adjustment. So, people did not expect that the interest could be reduced in the future. The index of U.S dollar went up. By the end of trading, LME nickel was quoted at 15770 USD/T. It was 35 USD/T lower than the price on Tuesday. The trading volume was less in future nickel market today. The price went down a little.Compared with Shanghai future nickel 1910 contract, the discount of Russian nickel was 200-300 RMB/T, and the premium of Jinchuan nickel was 800-900 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 123800 RMB/T, it was 30 RMB/T lower than the price yesterday.
The stainless steel market was in downturn. Due to slow increasing rate of ferronickel capacities, the bidding price of ferronickel rose up. In early period this week, the bidding price of high grade ferronickel by Qsingshan was 1130 RMB/Nickel. The high grade ferronickel was quotd at 1100-1115 RMB/Nickel.The low grade ferronickel was 3050-3250 RMB/T.