Price trend

According to the nickel price monitoring of SunSirs, on the 25th, the average nickel market price was 231,183.33 RMB/ton, down 4.91% from the previous trading day and up 89.44% year-on-year.

Analysis review

Both crude oil and the stock market fell, with London nickel closing down 2.14%. The slump in Shanghai nickel was also affected by the weak demand side. At present, the downstream has limited acceptance of high prices of raw materials, and the epidemic has dragged down the production and transportation of stainless steel plants. Some steel plants have maintenance plans, but the automobile industry is gradually recovering, and ternary precursor companies have entered the market to purchase nickel sulfate.

However, it should be noted that the pattern of tight short-term nickel supply has not fundamentally changed, the spot quotation is still relatively strong, the global inventory is low, and the LME market has a high concentration of warehouse receipts, and the supporting factors are still there.

Market outlook

Domestic import losses and high freight costs, and steel mills' prices are high. However, under the impact of the epidemic, consumption is sluggish, and nickel supply and demand are both weak. It is expected that nickel prices will fluctuate widely.

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