[ferro-alloys.com]It was said that, Saudi Arabia and Russia might cancel the output reduction. Meanwhile, U.S might resume shale oil production. So, the crude oil price derpped down. LME nickel market was affected. By the end of trading, LME nickel was quoted at 12790 USD/T. It dropped down by 80 USD/T. Due to macroeconomy condition and LME nickel market, the price of future nickel went down in domestic market. Compared with Shanghai future nickel 2007 contract, the discount of Russian nickel was from 200 to 300 RMB/T, and the premium of Jinchuan nickel was 900-1000 RMB/T. Jinchuan quoted its electrolytic nickel at 102500 RMB/T. It was 1500 RMB/T lower than the price on last trading day.
The stainless-steel market was stable today, so was the ferronickel market. Today, the mainstream price of high-grade ferronickel was 960-980 RMB/Nickel, it dropped down. The price of low-grade ferronickel was 3300-3450 RMB/T.