Price trend

According to the monitoring of nickel prices by SunSirs, nickel prices fell first and then rose this week. As of August 11th, the spot nickel quotation was 168,200 RMB/ton, a decrease of 0.78% compared to the beginning of the week and a year-on-year decrease of 7.67%.

According to the weekly rise and fall chart of SunSirs, nickel prices have risen for6 weeks and fallen for 6 weeks in the past 12 weeks, with a slight decline recently.

Analysis review

On the macro level, the focus of market attention was focused on the upcoming inflation data from the United States, while China's import and export data both declined.

In terms of supply: In July 2023, the national refined nickel production reached a total of 21,500 tons, an increase of 5.39% compared to the previous month and a year-on-year increase of 34.38%. Russian nickel long-term order inflowing, the customs clearance conditions were not limited by whether imports were profitable, supplementing domestic supply.

In terms of demand: The overall demand for pure nickel had improved, with differentiated performance in the terminal sector, maintaining an attitude of buying at low prices and not buying at high prices. The alloy end performed well, the electroplating performance was stable, and the orders for battery grade nickel sulfate were weak. The stainless steel 300 series maintained high scheduled production.

Market outlook

In summary, domestic production steadily increased, imported resources gradually arrived, spot supply was sufficient, domestic inventory had increased, and spot price fluctuations were weak; LME explicit inventory was at a low level. The orders for nickel sulfate were poor, and prices continued to be weaker, which had caused a drag on nickel prices. It is expected that nickel will experience a volatile and weaker trend in the short term.

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