According to the monitoring of nickel prices by SunSirs, on the 23rd, the average spot market price of nickel was 12,899.67 RMB/ton, a decrease of 2.41% from the previous day and a year-on-year decrease of 37.05%.
The minutes of the Federal Reserve's November meeting indicate that it will maintain restrictive interest rates and will act cautiously in the future, with the possibility of further interest rate hikes. After the data was released, the US dollar stopped falling and turned higher, while US stocks fell.
The sales data of existing homes in the United States for October has been declining for five consecutive months, reaching a new low since 2010. Housing sales data are often seen as indicators of economic health, thereby exerting pressure on non-ferrous metal prices.
The nickel surplus continued, and due to the expansion of steel mills' production reduction scale, the cost side nickel iron price weakened. The spot market atmosphere was pessimistic, and the downward space for stainless steel expanded; After the recovery of profits in steel mills, some enterprises began to resume production. The high inventory of stainless steel and nickel iron links led to internal competition in the iron mills, which further led to the collapse of stainless steel costs and negative feedback on the industrial chain, bringing certain pressure to the nickel market.
Nickel is expected to be weak and volatile in the short term.
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