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SunSirs: Supply and Demand Were Weak, and Nickel Price Mainly Fluctuated Sharply
November 11 2022 10:57:45SunSirs(John)

Price trend

According to the nickel price monitoring of SunSirs, on the 10th, the average price of nickel in the spot market was 201,950 RMB/ton, up 2.32% from the previous trading day and up 39.65% year on year.

Analysis review

Nickel prices rose slightly on the 10th. On the one hand, due to the macro impact, the sixth interest rate increase in the United States met expectations, and the expectation that the Federal Reserve would slow down the pace of interest rate increase boosted the market. On the other hand, Indonesia will impose an average tariff of 4.5% - 7% on ferronickel exports, which has a strong impact on nickel prices.

In terms of supply and demand, nickel ore was affected by the rainy season in the Philippines, and the supply started to decline. Nickel ore price was firm and cost support was strong. Downstream stainless steel demand side began to weaken, and stainless steel inventory accumulated, and procurement fell back.

Inventory at home and abroad still remained at a historical low. In addition, LME's concern about the Russian nickel resource sanctions remained unchanged.

Market outlook

The nickel industry chain is now in a pattern of weak supply and demand as a whole. Supported strongly by low inventory, the nickel price is still fluctuating largely in the short term.

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