China nickel: Metal, sulphate prices down

摘要

Chinese nickel metal prices softened today on lower spot demand from downstream sectors, particularly stainless steel, which then also weighed on sulphate and nickel pig feedstock prices. Spot demand for sulphate is holding steady but major consumers’ new supply contracts have continued to pressure spot prices. Argus assessed the range for 99.9pc grade nickel metal at 121,000-124,500 yuan/t ($18,620-19,160/t) ex-warehouse today, down from Yn131,000-133,500/t ex-warehouse a week earlier in response to weaker spot demand from the stainless steel sector. Trading firms reduced offer prices for imported metal to Yn123,500-124,000/t to attract sales, while producers of domestically produced material held offer prices towards Yn124,500/t on expectations of higher demand in the long term.