SunSirs: Nickel Prices Rose Slightly on July 26
July 27 2022 11:12:43 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, on the 26th, the average nickel spot market price was 188,100 RMB/ton, an increase of 1.35% from the previous trading day and a year-on-year increase of 28.03%.
Analysis review
The Fed's July policy decision struck, and London nickel closed down 1.45% overnight. The global economic recession affected the rebound of nickel prices, but in the short term, the market resources are tight, and the inventory is at a historical low, which forms support for nickel prices.
In June, domestic refined nickel imports were only 9,274 tons, a year-on-year decrease of 46.6%, and the overall import volume was lower than expected. In June, domestic refined nickel imports were only 9,274 tons, a year-on-year decrease of 46.6%, and the overall import volume was lower than expected. The heavy volume of intermediate products projects in Indonesia increased significantly, some domestic iron plants lost money and reduced production, and ferronickel plants have a strong willingness to support prices.
Market outlook
Supported by low inventories, nickel prices are firm, but the supply and demand side and the prices of products in various industrial chains continue to be weak, and there is no strong rebound momentum. It is expected that nickel prices will mainly fluctuate at a low level in the short term.
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