China’s largest nickel smelter- Gansu Jinchuan Group blamed the speculative funds to skyrocket nickel price of LME.

The high stainless steel price has made the end users not to buy and postpone their factory’ production due they are not able to afford.

Gansu Jinchuan said that the nickel price on the LME is not really owing to the actual demand and supply of nickel.

The domestic Wuxi stainless steel inventory is increased to 120,000 tons per month, which is much more than normal inventory level 80,000 tons per month.

The other Foshan stainless steel market has more than 100,000 tons, higher than normal level 80,000 tons per month as well.