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        Weaker Demand pulled down the FeNi Market-China (Nov.25th-Nov. 29th)

        Source: Time:2013-12-02 10:27:43 views:

        This week the LME Nickel price continued to go weaker for lack of the good macroeconomic news and pressured by the higher stock. On Nov. 28th, the LME nickel price closed at USD$13,400/mt, which almost reached the lowest point since 2013 while the stock increased to 251,910tons, 3,360tons higher than last week. The nickel metal market in China also not optimistic, which dropped by RMB1, 550/mt compared with last week. On Nov. 29th, Jinchuan nickel price was RMB93, 600-93,800/mt, in Shanghai it was RMB92, 600-93,600/mt and in Changjiang areas it was RMB92, 600-93,600/mt. Jinchuan nickel plate declined by RMB1, 000 to RMB94, 500/mt.
         
        This week most of the major steel mills in China had released the benchmark price of FeNi in Dec. on the whole, the price continued to decline while the FeNi manufactures had to reduce the price to sell due to the fund pressure and the unoptimistic expectation for the further market. specifically, Jisco reduced the high ferronickel price in Dec. by RMB30 to RMB985/Ni; Tisco maintained the price at RMB975/Ni, Baosteel cut down the price by RMB10 to RMB970/Ni;Xinan stainless steel and Posco’s latest price was RMB980/Ni; Lianzhong stainless steel’ decreased to RMB1000/Ni, and all the price above were delivery price with tax. Tisingshan settled the price at RMB980/Ni (delivery price to Tianjin port) in the first round and then reduced it to RMB940-950/Ni (delivery price to Tianjin port).
         
        Now the mainstream ex-works price of high FeNi reduced by RMB10-20 to RMB960-980/Ni and medium ferronickel market also tended weaker affected the poor demand, as FeNi 4-6% was quoted at RMB970-980/Ni, and 6-8% was RMB960-970/Ni. The low ferronickel temporarily stayed at RMB2650-2720/mt now, but it also had to risk to decline slightly along with the decreasing purchasing from steel mills.
         
        The poor stainless steel price made the market players more pessimistic for further market and on Nov.29th, the stainless steel 304/2B was quoted at RMB15000-15500/mt, RMB100-200/mt lower than last week. Under this condition, many steel mills chose to overhaul, resulting in fewer purchasing volume of the raw materials. As a result, the supply was comparatively excess than the demand and the price tender weaker. Besides, recently the environmental inspection efforts increased, and the FeNi enterprises could be allowed to produce only after meeting the environmental requirements. Therefore the manufactures’ cost also increased, making them harder to operate.
         
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