Latest Update in the SMM Nickel Market

SMM reports that the average price of 8-12% high-grade NPI is 979.5 yuan/mtu (ex-factory, tax included), down 3 yuan/mtu from the previous working day.

Overnight, LME copper opened at $9,118.5/mt, initially rising to $9,155/mt before fluctuating downward, hitting a low of $9,086/mt at the end of the session, and finally closing at $9,082/mt, a decline of 0.38%.

On November 20, Jinchuan nickel was quoted at a premium of 2,300-2,500 yuan/mt, with an average of 2,400 yuan/mt, up 50 yuan compared to the previous trading day.

On November 20, the sentiment in the stainless steel market further recovered.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Nov 20, 2024

According to customs data, China imported 690,900 mt of FeNi in October 2024, down 6.3% MoM and down 23.7% YoY. In terms of metal content, the total nickel content in imported FeNi was 85,000 mt, down 5.8% MoM and down 26.6% YoY. Despite the increase in NPI production and exports from Indonesia, FeNi production in New Caledonia and Colombia was affected by domestic turmoil and market downturns, respectively, leading to reduced supply. It is expected that China's FeNi imports will continue to decline in the short term, while Indonesia's NPI exports will reach a historical high.

At the Training to Miners APNI 2024 in November, the latest updates on the current approval progress of PNBP and RKAB, which are closely related to the operations and transactions of nickel miners, were presented.

APNI 2024 Conference Highlights: Indonesia Reviews PNBP and RKAB Updates for Nickel Mining