SunSirs: Nickel Price Fell Slightly in January
February 01 2023 10:04:47 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, the nickel price fell slightly in January, from 240,400 RMB/ton at the beginning of the month to 229,616.67 RMB/ton at the end of the month. The overall decline was 4.49%, and up 35.23% year on year.
Analysis review
Macroscopically, the US CPI data continued to decline, the expectation of a slower pace of interest rate increase increased, the global liquidity environment marginally improved, and China's economic outlook was optimistic, driving the recovery of domestic demand.
In terms of supply: in terms of nickel ore, the Philippine rainy season continued to disturb the supply, and the ore price was relatively firm; In terms of ferronickel, the market supply and demand were weak, and the iron price was running smoothly. However, on the news, Indonesia will restrict the construction of nickel smelters and guide the development of new plants to high-value-added products. However, it has not been disclosed whether it will affect the ferronickel plants with existing construction plans.
In terms of demand: stainless steel inventory hit a new high. The market expects that the peak season after the Spring Festival will have a positive effect on the stock removal. The downstream prospect is optimistic and which is positive for the nickel price, but it needs to pay attention to whether stainless steel can really usher in the peak season.
Market outlook
The domestic policy is favorable frequently, the market has strong expectations for future economic recovery, and the demand outlook has been boosted. The production resumed after the holiday, and the demand is expected to increase. It is expected that the nickel price will fluctuate and strengthen in February.
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