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SunSirs: Nickel Price Slightly Increased by 2.72%
January 10 2020 10:13:05SunSirs(Linda)

1. Trend analysis

According to the nickel price monitoring of SunSirs, on January 9, the spot nickel price increased slightly, with the quotation of 114,116.67RMB/ton, 2.72% higher than the previous day, and 23.82% higher than the previous year. Shanghai nickel opened at 109,000RMB, followed by a sharp rise in price, closing at 111,540RMB, or 2.11%.

2. Market analysis

The basic level of nickel market has not changed much. The early prohibition of mining in Indonesia has changed the supply pattern of nickel market, and the domestic ferronickel production capacity has transferred to Indonesia. The Philippines, New Caledonia and Guatemala will play an alternative role in the import of nickel ore, but they cannot fully meet the demand. The nickel iron plant has fully prepared the ore, the short-term supply is sufficient, and the downstream stainless steel is still weak. Nickel prices rose slightly today, mainly due to the impact of floods in Indonesia on the shipment of nickel ore and the expected impact of a reduction in nickel supply.

3. Future prospects

Nickel fundamentals have little change, and the flood in Indonesia affects the supply of nickel mine. Near the end of the year, the demand is further weakened, and it is expected that nickel will maintain a volatile trend in the short term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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