1. Trend analysis

According to SunSirs nickel price monitoring, nickel prices dropped slightly on the 16th. Spot nickel was quoted at RMB 119,300/ton, down 0.22% from the previous day, down 14.76% year-on-year, and up 4.9% year-on-year. The main force of Shanghai nickel opened at 118,900 yuan. After the opening, the price fluctuated weakly and closed at 117,540 yuan, a decrease of 1.05%. LME's March nickel closed at $15,260 at the time of writing, an increase of 0.13%. The main force of Shanghai nickel opened at 118,900 yuan. After the opening, the price fluctuated weakly and closed at 117,540 yuan, a decrease of 1.05%. LME's March nickel closed at $15,260 at the time of writing, an increase of 0.13%.

2. Market analysis

The price of nickel has recently been adjusted due to the impact of the external environment. The supply side of domestic nickel ore is tight, and the price of ferronickel remains stable. The profit of domestic ferronickel plants is near the profit or loss. Due to the shortage of raw materials, some ferronickel plants passively reduce production. Indonesia's ferronickel production is concentrated, and there may be more increments in the future, and the overall supply environment tends to be loose. The Philippines has been severely affected by the epidemic, the quotations of ferronickel have risen, and the production costs of nickel companies have been higher. The price of downstream stainless steel has maintained an adjustment stage in the short term, and domestic demand for new energy vehicles is gradually recovering. European new energy vehicle sales have increased rapidly.

3. Outlook

Nickel prices have been adjusted in the short term due to the external environment, but the overall trend of strong strength has not changed.

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