SG:Jinchuan lowers EXW price of nickel amid bleak market outlook
Jinchuan lowers its EXW price of electrolytic nickel with that of nickel plant at CNY 170,000 per tonne and lump at CNY 171,200 per tonne down CNY 2,000 per tonne.
In spot market, the transaction price of Jinchuan Nickel stays at CNY 171,000 per tonne and Russian nickel at a little less than CNY 170,000 per tonne. Downstream traders are not enthusiastic in replenishment for the bearish nickel future market. Players don’t intend to hoard goods but to wait chance to sell.
Mining giant Glencore may warn in its quarter report that the demand for communities from two most important raw materials consumers, China and the US is slowing.
An analyst from Macquarie Bank Group said that the bottom of nickel price may not be USD 20,000 per tonne because Chinese pig iron producers are reducing their production cost.
(Sourced from MySteel.net)
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