Price trend

According to the monitoring of nickel prices by SunSirs, nickel prices slightly increased this week. As of July 21, the spot nickel quotation was 174,133.33 RMB/ton, an increase of 1.64% from the beginning of the week and a year-on-year decrease of 4.72%.

According to the weekly rise and fall chart of SunSirs, nickel prices have risen for 7 weeks and fallen in 5 weeks in the past 12 weeks, with a slight rebound in recent times.

Analysis review

Macroscopically, the US inflation declined more than expected, and the U.S. Dollar Index turned to shock after breaking down. Domestic Q2 GDP was lower than expected, and the economy maintained a weak recovery.

In terms of supply: In June, the national production reached 20,400 tons, with a month on month increase of 9.39% and a year-on-year increase of 31.06%; The expected production in July was 21,300 tons. The new production capacity of domestic electrolytic nickel production had been put into operation and increased, with a month on month increase in refined nickel production in June. Two new nickel production lines were added in Indonesia in June, and Russian nickel imports continued to arrive, impacting the domestic market. The supply surplus still put pressure on nickel prices.

In terms of demand: The overall demand for pure nickel was stable, with differentiated performance in the terminal field. The alloy end exhibited outstanding performance; The electroplating performance was relatively stable; In terms of stainless steel, there was a slight reduction in production due to the 300 series; Ternary precursor orders recovered and Nickel(II) sulfate prices stabilized. Overall, maintain an attitude of buying stocks on dips and avoiding high prices.

Market outlook

In summary, as of the 21st, both supply and demand had increased, with stable growth in supply. There was an expectation of a short-term rebound in demand, and it is expected that nickel prices will mainly fluctuate broadly in the short term.

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