According to the monitoring of nickel prices by SunSirs, on the 20th, the average spot market price of nickel was 16,983.33 RMB/ton, an increase of 2.17% from the previous trading day and a year-on-year decrease of 16.45%. The overnight London nickel fluctuated higher, closing at 20,000 US dollars per ton, up 110 US dollars/ton or 0.55%.
According to the news, Indonesia will no longer issue new mining quotas in 2023, which may further increase the cost support for nickel mining. And the continued loose supply of pure nickel and weak demand for secondary nickel terminals had dragged down nickel prices.
Downstream, some steel mills recently reduced production through maintenance, but stainless steel production was still at a high level in September. The country continued and optimized the policy of reducing and exempting taxes on the purchase of new energy vehicles. The production and sales of new energy vehicles had warmed up, and some nickel sulfate had been converted to electrowinning nickel. The demand for nickel sulfate was still expected to boost. The frequent occurrence of domestic economic and real estate policies had yet to be verified in terms of improving demand.
It is expected that nickel prices will continue to fluctuate widely in the short term.
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