Chinese nickel pig iron prices overtook refined nickel prices
thanks to an August rally in which stainless steel mills
nickel with a metal content of 10 to 15 percent is trading at
1,010 to 1,020 yuan ($164 to $166) per nickel unit, up nearly
10 percent from early August, sources in China said.
The price is around
4,000 to 5,000 yuan ($649 to $812) higher than the current
refined nickel level, which is unusual for the market.
Domestic spot nickel
prices on the Changjiang Nonferrous Metals Market were at
96,700 to 97,900 yuan ($15,696 to $15,891) per tonne Sept. 12,
down 1,200 yuan ($195) from August levels.
stainless steel mills, including Taigang Stainless Steel Co.
Ltd., Jiuquan Iron & Steel (Group) Co. Ltd. and Tsingshan
Holding Group Co. Ltd., started increasing their prices in late
July due to tight supply.
Stainless steel mills
are still willing to buy nickel pig iron as a raw material even
though it is priced higher than refined nickel, participants
"In theory, demand for refined nickel should increase in the
current market situation, but we havent seen any
improvement so far," a trader from Wenzhou, in Zhejiang
A version of this
article was first published in AMM sister publication Metal