Jinchuan lowers ex works nickel price on global price slump

Interfax reported that Jinchuan Group Limited has lowered its ex works price for nickel on the back of diving global prices. The price cut, effective September 17th 2008, see the per tonne price for refined Jinchuan nickel fall by CNY 7,000 to CNY 145,000.

Mr Xu Aidong analyst at Antaike Information said that "Jinchuan cut its nickel price mainly as a result of falling international prices in the wake of news that US investment bank Lehman Brothers is filing for bankruptcy. Spot nickel prices in the domestic market will follow."

Mr Xu said that "LME nickel prices will continue to be pulled down by the ongoing US financial crisis and spot nickel prices in the domestic market will continue to fall too."

He said that China's demand for nickel will probably not pick up sharply over the remainder of this year, despite the approach of the traditional peak season for nickel consumption, as the Chinese economy has slowed in growth.

Averaging spot nickel prices on the Shanghai Nonferrous Metals Market were around CNY 146,500 per tonne on September 17th 2008.

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