Nickel price trend on October 31st

  • Thursday, October 31, 2019

  • Keywords:nickel,price trend
[Fellow]Nickel price trend on October 31st

[]Yesterday, Indonesian government announced that they would insist on their plan for nickel ore export ban. It would start in January in 2020. Meanwhile, FED announced to cut rates. It confirmed to people’s expectation. The index of U.S dollar went down.By the end of trading, LME nickel was quoted at 16790 USD/T yesterday. It was 30 USD/T lower than the price on Tuesday. The traders were not positive in domestic future nickel market, so the premium was decreased. However, it did not work.Compared with Shanghai future nickel 1911 contract, the discount of Russian nickel was 500 to 600 RMB/T, and the discount of Jinchuan nickel was 300-500 RMB/T.Today, Jinchuan quoted its electrolytic nickel at 136500 RMB/T, it was 900 RMB/T lower than the price yesterday. 

The stainless steel market was in downturn. The ferronickel price could not rise up at present.Today,the high grade ferronickel was quoted at 1140-1170 RMB/Nickel.The low grade ferronickel was quoted at 3300-3400 RMB/T.

  • [Editor:王可]

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