[ferro-alloys.com]Yesterday, U.S FED Chairman Powell made a speech. He predicted that FED would not raise interest rate within one year. By the end of September, FED would stop decrasing scale of balance sheet. So, the index of U.S dollar dropped down. Meanwhile, the supply of oil was insufficient in U.S, the oil price went up. So, by the end of trading, LME nickel was quoted at 13340 USD/T. It was 185 USD/T higher than the price on Tuesday. Although LME nickel went up largely, the price of Shanghai future nickel did not raise largely because the supply of future nickel spot good was abundant. Compared with Wuxi 1904 contract, the premium of Russian nickel was 2600 RMB/T, and the premium of Jinchuan nickel was 2900-3000 RMB/T.Today, Jinchuan quoted its electrolytic nickel at 105200 RMB/T. It was 300 RMB/T lower than the price yesterday.

Even though LME nickel price went up largely, the stainless steel price did not rise up. The traders were cautious in the market in general. So, the ferronickel market kept steady in general. Today,the mainstream price of high grade ferronickel was 1040-1055 RMB/Nickel, and the price of low grade ferronickel was 3250-3450 RMB/T

• [Editor:王可]