SunSirs: The Philippines once again Blocked the Capital Manila, Nickel Prices Rose Slightly
August 07 2020 08:21:14 SunSirs (Linda)
1. Trend analysis
According to SunSirs nickel price monitoring, on the 5th, spot nickel was quoted at RMB 111,033.33/ton, a slight increase of 0.06% from the previous trading day, a decrease of 2.37% from the beginning of the year, and a year-on-year decrease of 5.19%. The Shanghai nickel main contract opened at 110,820 yuan, and then the price fluctuated upward, closing at 112,990 yuan, an increase of 1.92%. LME's March nickel closed at $14,180 at the time of writing, an increase of 1.39%.
2. Market analysis
Previously due to COVID-19, several major mining areas in the Philippines have gradually closed since March 18, and the ban on shipments has been delayed from the original April 18 to the end of April. Affected by this, the total amount of nickel ore imported by China from the Philippines in January to May has a year-on-year decrease of 32.8% to 5.5074 million tons. Recently, the Philippines once again blocked the capital of Manila. As China is currently the largest exporter of nickel ore, the Philippines blockade will be extended to August 18. The decline in nickel supply is expected to support prices. In the nickel ore market, the domestic nickel ore tightness pattern has not yet been completely relieved, and the price of nickel ore is firm. Regarding ferronickel, raw material costs support prices, and domestic production cuts are limited, and demand for nickel ore remains unchanged. The demand side is in the off-season, but in order to stabilize the market share and maintain production.
3. Outlook
Supported by tight supply of nickel ore, short-term nickel price fluctuations are mainly strong.
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