Jinchuan Group, China's largest nickel producer, said it has decided to reduce its full-year nickel output target to 100,000 tons, down 16.7 pct from the previous target, in order to help support market prices.

In a statement published on its website, the company said the three-month nickel price quoted on the London Metal Exchange has fallen about 63 pct from the beginning of the year, while the domestic price has fallen below production costs.

Some producers in Yunnan province and Chongqing municipality have closed or reduced their output, while stocks of nickel ore in Chinese ports are estimated at about 10 mln tons, it said.

It also projected global output of nickel to decline by over 100,000 tons this year.