China's Jinchuan Group, a bellwether in the country's nickel market, on Thursday cut ex-factory prices of electrolytic nickel by 6,000 yuan/metric ton (tonne) to 98,000 yuan/tonne, representing a fall of 5.8 percent.
Analysts point out that after the Spring Festival holiday (February 18-24), demand from the downstream stainless steel market did not improve. Meanwhile, as a large number of ferronickel plants in Indonesia are under construction, China's imports of ferronickel are estimated to surge in the future. The domestic nickel prices lack support in the short term.
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