1. Trend analysis

According to SunSirs nickel price monitoring, the spot nickel price rebounded slightly. The weekend price was 98,033.33 yuan / ton, which was 4.44% higher than the 93,866.67 yuan / ton at the beginning of that week but dropped 5.6% year-on-year.

2. Market analysis

Futures

At the beginning of that week, Shanghai nickel opened at 93,800 points. After that, the price was strong, and it rose to 97,310 points on Friday, with a weekly increase of 5.31%. London nickel closed at $ 11,705 by Friday, with a weekly increase of 4.46%.

Philippines ban upgrade

Recently, the nickel supply has been affected by the epidemic. The Philippine ban has been escalated. The president expressed a preference for extending the blockade measures until April 30. The North Surigao region has suspended all mining, production and processing on April 1. PGMC , TMC, HMC and other nickel miners voluntarily suspended mining and export business in April.

Nickel iron plant is not in a hurry to purchase

At present, the nickel ore stocks available in the mainstream domestic ferronickel plants can still support January-March. Some small and medium-sized ferronickel plants have a shortage of nickel ore raw material stocks. Although most Chinese ferronickel plants are losing money, most ferronickel plants plan to consider the suspension of production after using nickel ore inventory.

Stainless steel stock pressure relief

Stainless steel stocks have been digested in late March. The current inventory pressure has eased. However, due to the spread of the global COVID-19, the export orders of the stainless steel overseas market have shrunk. The current stainless steel market is still in a situation of oversupply and stainless steel prices are running weakly.

3. Outlook

Nickel ore supply in the Philippines is affected by the epidemic, and nickel ore shipments may decline in April. Domestic nickel ore port inventories continue to decline. The current nickel price has not yet touched the global mainstream nickel cost (below $ 10,000), but the rebound may be limited.

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