Shanghai Metal Market: Shanghai Nickel fluctuates downward, market conditions show no signs of improvement

Today, Shanghai nickel is fluctuating and moving downward. Current spot prices have edged up slightly in line with the market; however, some traders continue to offer discounts to sell, and in the short term the market’s premiums/discounts may remain at relatively low levels. Judging from the trading situation, buyers maintain just-need procurement; some continue to draw down their own inventories. Overall, trading sentiment remains on the weak side, and feedback suggests that some end-use industries are still in the recovery stage. Today, Jinchuan manufacturers, following market developments, lowered their ex-factory prices by another 800 yuan/ton compared with the previous day. (SHMET)

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