Stronger Chinese Steel Price Pushed up Nickel Price Higher

Written by in Metals News, Steel News on

There is a stronger showing in Chinese steel price on Tuesday. And nickel price, the price of steel-dependent metal nickel (chiefly used in making stainless steel), was pushed up higher in both Shanghai and London markets.


1. ShFE nickel. On the Shanghai Futures Exchange, the most-traded nickel contract rose 1.3 per cent at 94,710 RMB ($14,285) per tonne by 0126 GMT. 

Traders said the metal was finding support from stronger ShFE rebar futures, which were up more than 1 per cent for the second day running.

2. LME nickel. On the London Metal Exchange, three-month nickel was also slightly firmer at $11,677 per tonne, extending gains from the previous session.

Chinese nickel photo

3. Dollar. The dollar gave back some of its gains in Asian trading on Tuesday but remained not far from a one-week high against a basket of currencies as German political woes continued to pressure the euro.

4. Asian stocks tracked gains by Wall Street and edged up on Tuesday, while the dollar hovered near a one-week high against its peers thanks to higher U.S. yields and a floundering euro.

5. Lead/zinc. The global lead market swung into a deficit in September while the zinc market deficit widened slightly from with the previous month, according to the data released by the International Lead and Zinc Study Group showed.

6. Copper. Global miner Rio Tinto restarted the smelter at its large Kennecott mine in the United States last Friday after a nearly six-week outage but force majeure on refined copper has not yet been lifted, according to a company spokesman said on Monday.

7. On the Shanghai Futures Exchange, the most-traded aluminium contract fell 2.45 per cent to close at 14,910 RMB ($2,247.14), its weakest since early August.

8. Oil price dropped 0.8 per cent on Monday, extending recent weakness ahead of next week’s OPEC meeting, while a rally in the dollar hurt commodities across the board. ($1 = 6.6300 RMB)


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