Latest Update in the SMM Nickel Market

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Oct 08, 2024

On October 8th, post-holiday spot stainless steel prices across all categories saw a significant increase compared to pre-holiday levels.

During the National Day holiday, LME nickel fluctuated upward before retreating, with lows around $17,000/mt and highs reaching approximately $18,200/mt.

On September 30, Jinchuan nickel was quoted at a premium of 1,300-1,500 yuan/mt, with an average of 1,400 yuan/mt, down 350 yuan/mt from the previous trading day.

Overnight, LME copper opened at $9,949/mt, initially rose to a high of $9,981/mt, then fluctuated downward to a low of $9,860/mt before climbing to a high of $9,965/mt at the close, and finally settled at $9,952/mt.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 30, 2024

As of September 27, the SS11 contract closed at 13,475 yuan/mt, up 110 yuan/mt WoW.

As of September 26, SMM stainless steel social inventory was 969,600 mt, down 0.18% WoW, up 0.17% MoM.