Asia’s biggest nickel maker Jinchuan Group Co announced price cut for the refined nickel by 6.4% after supply shortages in China eased and global prices fell. The price is reduced by CNY 17,000 to CNY 248,000 (USD 32,745) a tonne effective from August 9th 2007.

Mr Xu Aidong an analyst at Beijing Antaike Development Co said “The easing “of transport bottlenecks has boosted local supplies. Also, the planned output cut by stainless steel producers will damp nickel demand.”

Jinchuan had boosted prices 1.5% to CNY 265,000 on August 1st 2007 after deliveries of local supplies was disrupted by floods and landslides in some Chinese provinces.

Western Gansu province based Jinchuan supplies 90% of China`s refined nickel.