[ferro-alloys.com]Yesterday, it was said that Canada might compromise with U.S for New NAFTA negotiation. U.S Treasury Secretary Steven Mnuchin invited China to negotiate for China-U.S trade deal.These news was good for nickel market. Meanwhile, U.S dollar value was in lower level. So, the price of future nickel lifted up in London Metal Exchange. By the end of trading, LME nickel was quoted at 12630 USD/T. It was 415 USD/T higher than the price on Tuesday. Affected by rising of LME nickel price and decreasing of domestic supply volume, the Shanghai Future Nickel price rose up largely.Compared to Wuxi 1810 contract, the premium of Russian nickel was 200 RMB/T, and the premium of Jinchuan nickel was 6200 RMB/T. Today, Jinchuan quoted its electrolytic nickel at 109500 RMB/T. It was 2500 RMB/T higher than the price yesterday.
Encouraged by rising of LME nickel, the trading volume of stainless steel increased in the market. The price of stainless steel rose up. Meanwhile, a large steel plant finished its overhaul. These news was good for high grade ferronickel market. Today, high grade ferronickel price lifted up to 1050-1070 RMB/Nickel. The 201 series stainless steel market kept steady, so the price of low grade ferronickel remained at 3650-3750 RMB/T today.