China’s ferronickel prices have stabilized recently. The current market supply is sufficient, so the short-term price is expected to remain steady.

In terms of nickel, there was no price yesterday (December 25) due to the Christmas holiday, and Shanghai's nickel price maintained stable and closed at CNY 131,110/ton.

In addition, China’s stainless steel price increased due to a furnace explosion that occurred at PT Indonesia Tsingshan Stainless Steel in the industrial park. However, the market demand is still weak amid the new pure nickel production capacity put into production and the continued increase in LME and Shanghai nickel inventories.