Latest Update in the China Nickel Market

Shanghai nonferrous metals closed mixed as the hawkish US Fed’s stance on interest rate hike pressured the market, while estimated recovery of production from COVID in Shanghai gave some support to the market.

Affected by the price of the raw material side, the costs at nickel salt enterprises were high, which failed to pass through to downstream.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on May 19, 2022

Introducing electronic certificates for inbound inspection and quarantine to speed up the flow of reefer containers and help improve port operation efficiency.

SHANGHAI, May 19 (SMM) -  The Baltic Dry Index rose 94 points, or 3%, to 3,189, its highest level since December 13 last year.

According to the data released by INSG on Wednesday, the supply deficit in the global nickel market expanded to 11,100 mt in March.

Shanghai and LME base metals all closed with losses when overnight risk aversion sentiment rose as market players were still worried about economy prospect in light of the recent speech from US Fed Chair Powell.

Shanghai nonferrous metals all closed in the negative zone as US Fed Chair Powell indicated firm interest rate hike in the future until the inflation is contained.