Q3 nickel price rally ends in mid-September as SHFE triples transaction charges on its nickel contract. The fall in SHFE stocks is countered by a rise in LME. Near-term demand is showing signs of moderating as China prepares to receive more stainless from Tsingshan Indonesia. Equally, as lower nickel prices will mean lower stainless prices, many European and US buyers may delay stainless orders until November. Outlook for 2018-2019 is for slightly higher nickel prices capped by the continuing high inventory levels.