According to the nickel price monitoring of SunSirs, on the 29th, the average nickel spot market price was 172,100 RMB/ton, down 4.36% from the previous trading day and up 20.56% year-on-year.
On the 29th, nickel prices fell sharply, and London nickel closed down 1.09% overnight. Metals fell broadly as traders weighed signs of slowing economic growth after Federal Reserve Chairman Jerome Powell hinted that the central bank will raise interest rates further to tame inflation. Pure nickel maintained normal production schedule, and the operating rate of ferronickel hovered at a low level, but terminal demand was sluggish, and both iron and steel mills lost money.
In terms of downstream stainless steel, the scale of production reduction expanded, most traders maintained a wait-and-see attitude, and most of the actual transactions were just-needed purchases. The fundamentals of nickel were weak, and the expectation of raising interest rates further suppressed prices.
The nickel price is expected to fluctuate at a low level.
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