SHFE nickel price hits new high due to tight supply
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Update time : 2023-09-06 16:57:25
As of 10:50 Taipei time on September 4, the nickel price on the Shanghai Futures Exchange (SHFE) settled at CNY 171,400/ton, rising by 3.4%. The futures hit the highest at CNY 173,770/ton in intraday sessions.
Indonesia, the largest nickel exporter of China, has recently delayed the mining quota distribution, which caused nickel prices to rise. Besides, due to stronger seasonal demand, the supply of Indonesia has tightened. Coupled with the expected high demand from the stainless steel industry and market sentiment boosted by good transactions, the SHFE nickel price hit a new high in nearly four months.
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