Chinese ferronickel prices to rise
2024-04-25 11:59:40 [Print]
BEIJING (Asian Metal) 25 Apr 24 - Driven by the continued rise in stainless steel prices in the past week, high-grade ferronickel 10%min producers increased their sales prices. This Wednesday, mainstream prices of Chinese high-grade ferronickel 10%min stood at RMB950-970/mtu (USD131-134/mtu) EXW, up by RMB10/mtu (USD1.38/mtu) from last Friday. Insiders noted that the current market demand for high-grade ferronickel 10%min keeps stable and ferronickel producers have a strong willingness to raise prices due to losses, and anticipate that prices for Chinese high-grade ferronickel 10%min would go up in the coming week.
A consumer in Northwest China said that stainless steel prices kept rising in mid-to-late April, which drove the price of high-grade ferronickel 10%min to follow suit, and their ferronickel consumption in April was basically stable compared with March. "This Wednesday they received the quotation of RMB970/mtu (USD134/mtu) EXW from suppliers, while a week ago these suppliers could accept a price of RMB960/mtu (USD132/mtu). We made no purchase this week and last bought 2,000t at RMB937/mtu (USD134/mtu) in early April", a source from the company reported, adding that currently high-grade ferronickel 10%min producers are strongly willing to increase prices due to losses, and expects that prices of Chinese high-grade ferronickel 10%min might rise in the following week.
The consumer, with an annual consumption capacity of 500,000t of high-grade ferronickel 10%min, saw a consumption volume of 23,000t or so in 2023. He consumed about 4,500t in March and expects to use around 5,000t in April, holding around 2,000t of ferronickel stocks for the moment.
A consumer in East China revealed that their consumption of ferronickel in April remained at 350,000t, basically stable compared with March. In the past ten days, driven by the continued rise in stainless steel prices, the price of high-grade ferronickel 10%min followed suit. "This Wednesday we could accept the price of RMB965/mtu (USD133/mtu) for high-grade ferronickel 10%min, while we did not make purchases at the price higher than RMB950/mtu (USD131/mtu) a week ago. We closed no deal this week and last purchased 10,000t at RMB950/mtu (USD131/mtu) ten days ago", a source from the company mentioned, adding that at present high-grade ferronickel 10%min producers lose money and have a strong willingness to increase prices, predicts that prices for Chinese high-grade ferronickel 10%min would edge up in the forthcoming week.
Based on an annual consumption capacity of 4.5 million tons, the consumer used 2.4 million tons in 2023. He expects to consume 350,000t in April, in line with March, and holds around 150,000t in stock for the time being.
A consumer in Northwest China said that stainless steel prices kept rising in mid-to-late April, which drove the price of high-grade ferronickel 10%min to follow suit, and their ferronickel consumption in April was basically stable compared with March. "This Wednesday they received the quotation of RMB970/mtu (USD134/mtu) EXW from suppliers, while a week ago these suppliers could accept a price of RMB960/mtu (USD132/mtu). We made no purchase this week and last bought 2,000t at RMB937/mtu (USD134/mtu) in early April", a source from the company reported, adding that currently high-grade ferronickel 10%min producers are strongly willing to increase prices due to losses, and expects that prices of Chinese high-grade ferronickel 10%min might rise in the following week.
The consumer, with an annual consumption capacity of 500,000t of high-grade ferronickel 10%min, saw a consumption volume of 23,000t or so in 2023. He consumed about 4,500t in March and expects to use around 5,000t in April, holding around 2,000t of ferronickel stocks for the moment.
A consumer in East China revealed that their consumption of ferronickel in April remained at 350,000t, basically stable compared with March. In the past ten days, driven by the continued rise in stainless steel prices, the price of high-grade ferronickel 10%min followed suit. "This Wednesday we could accept the price of RMB965/mtu (USD133/mtu) for high-grade ferronickel 10%min, while we did not make purchases at the price higher than RMB950/mtu (USD131/mtu) a week ago. We closed no deal this week and last purchased 10,000t at RMB950/mtu (USD131/mtu) ten days ago", a source from the company mentioned, adding that at present high-grade ferronickel 10%min producers lose money and have a strong willingness to increase prices, predicts that prices for Chinese high-grade ferronickel 10%min would edge up in the forthcoming week.
Based on an annual consumption capacity of 4.5 million tons, the consumer used 2.4 million tons in 2023. He expects to consume 350,000t in April, in line with March, and holds around 150,000t in stock for the time being.
