[ferro-alloys.com]Yesterday, U.S FED Chairman Powell said that current currency policy was appropriate. After his speech, the rising trend of U.S dollar index was restricted. Meanwhile, it was rainy season in South East Asia, so the supply of nickel ore was relatively insufficient. The price of LME nickel rose up. Yesterday, LME nickel was quoted at 12920 USD/T. It was 200 USD/T higher than the price on last trading day. The trading volume of future nickel was less in domestic market. Due to domestic logistics problems, the demand for future nickel from downstream industry was restricted. So, the price of future nickel dropped down a little. Today, compared with Shanghai future nickel 2003 contract, the discount of Russian nickel was from 0 to 200 RMB/T, and the premium of Jinchuan nickel was 700-1100 RMB/T. Jinchuan quoted its electrolytic nickel at 106500 RMB/T. It was the same as the price yesterday.
The stainless-steel market was still in downturn. The demand for ferronickel was still insufficient. So, the ferronickel price remained in lower level. Today, the price of high-grade ferronickel was 960-970 RMB/Nickel, and the price of low-grade ferronickel was 3300-3450 RMB/T.