SunSirs: Nickel Price Rebounded Slightly on March 14
March 15 2023 14:24:08 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, on the 14th, the average price of nickel spot market was 183,766.67 RMB/ton, up 1.64% from the previous trading day and up 17.75% year on year.
Analysis review
The expectation of the Federal Reserve to raise interest rates slowed down, and metal rebounded at an opportune time, and the nickel rose 2.2% overnight. The banking turmoil in Silicon Valley pushed up financial risks. The expected output of electrodeposited nickel this month had been fulfilled. The market share of Russian nickel had been squeezed. The premium of Russian nickel continued to decline. Nickel supply tended to be surplus, and ferronickel prices declined.
Downstream, due to the high cost and low profit of stainless steel production, the production scheduling of enterprises increased by 7.4% month-on-month (MoM) and decreased by 2.9% year-on-year (YoY) in March. From the perspective of the new energy automobile industry, the production of ternary precursors and ternary materials rose slightly, up 16% and 7% respectively on a month-on-month basis; In February 2023, the production and sales of new energy vehicles increased by 48.8% and 55.9% respectively year on year; China's power battery output increased by 30.5% year on year. In general, nickel fundamentals were general, and the trend of low volatility was still maintained.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com
- 2024-04-25 SunSirs: On April 22nd, Nickel Prices Slightly Increased
- 2024-04-11 SunSirs: The Trading Overview on Nonferrous Metals of Shanghai Futures Exchange on April 10th
- 2024-02-21 SunSirs: Nickel Morning Newspaper on February 20th
- 2024-02-01 SunSirs: The nickel price in January mainly fluctuated widely
- 2024-01-16 SunSirs: Nickel Prices Had Slightly Increased This Week (January 8-12)
