1. Trend analysis

According to SunSirs nickel price monitoring, on June 10, spot nickel prices were 103,916.67 yuan/ton, down 0.94% from the previous trading day and up 6.79% year-on-year. Shanghai nickel opened its main market at 104,300 yuan, and then the price fluctuated downward, closing at 103,180 yuan, a decrease of 1.45%. LME March nickel closed at $12,840, a decrease of 0.54%.

2. Market analysis

The decline in Chinese and international inventories slowed down, the overall demand was weak. Traders generally said that shipments were not smooth. Some merchants still shipped at low prices in order to facilitate transactions, and the downstream side maintained on-demand procurement. The current supply of nickel ore in the Philippines is gradually recovering, but mainly low- to medium-grade nickel ore, and very few high-grade nickel ore, as the nickel stocks in the previous period are gradually consumed, Chinese ferronickel grade will also decline, and the current nickel ore price remains high. Nickel ore supply is still tight. It is reported that the output of stainless steel cold-rolled row increased by 1.77% in June, supporting nickel prices.

3. Future market forecast

Stainless steel inventories continue to decline. If stainless steel production continues to grow steadily, nickel demand will continue to increase in the short term. However, with the completion of downstream replenishment and the gradual manifestation of the impact of the epidemic on demand, the market is still concerned about the performance of downstream demand in the later period. Nickel prices are expected to be strong in the short term, but may be weak in the medium term.

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