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SHFE nickel price slumps on energy consumption curbs

ABSTRACT

Nickel futures prices on the Shanghai Futures Exchange (SHFE) have fallen sharply since Tuesday this week, mainly because of the intensified restrictions on energy consumption among stainless producers in East China’s Jiangsu and Southwest China’s Guangxi, Mysteel Global learned.
As of September 17, the most-traded nickel contract on SHFE for delivery in October closed the daytime trading session at Yuan 143,490/tonne ($22,240/t), dropping by another Yuan 3,780/t or 2.57% from the prior day’s settlement price. The continuous drop in nickel futures reflected the negative sentiment in the domestic market. The possibility of lower stainless output

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