Price trend

According to the nickel price monitoring of SunSirs, on the 22nd, the average nickel market price was 206,300 RMB/ton, down 2.79% from the previous trading day and up 56.8% year-on-year.

Analysis review

The currencies of major economies contracted, and concerns about global economic recession and declining demand intensified, and non-ferrous metals generally fell.

A large number of nickel ore shipments from the Philippines and the launch of ferronickel production capacity in Indonesia led to a rise in supply, a change in the supply and demand pattern, and a weakening of nickel price support.

Downstream stainless steel mills supported prices, spot trading was acceptable, and stainless steel spot prices had rebounded. The inventory of 300 series was further reduced, but as the price of nickel pig iron fell, the cost support of stainless steel also continued to weaken. In addition, most of the steel mills have already faced losses. In the future, steel mills may increase production cuts and weaken the demand for nickel.

Market outlook

In the case of strong supply and weak demand, the price of nickel will fluctuate to be weak in the short term.

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