SunSirs: On April 12th, Nickel Prices Rebounded Slightly
April 13 2023 10:47:10 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 12th, the average spot market price of nickel was 190,246.67 RMB/ton, an increase of 2.25% from the previous trading day and a year-on-year decrease of 11.42%.
Analysis review
The decline in the US dollar boosted the base metals, and nickel rose 1.82% overnight. LME lowered the nickel earnest money from $6,100 to $5,700, which slightly boosted the nickel price. In March, the national refined nickel production totaled 17,600 tons, a month on month increase of 1.73% and a year-on-year increase of 39.68%. In terms of demand, market transactions were weak. The acceptance of nickel sulfate prices by ternary precursor enterprises had declined, and the price of nickel sulfate had fallen. Downstream stainless steel inventory was high, profits were at a loss, and steel mills were undergoing maintenance and production reduction. Alloy and electroplating companies made bargain hunting purchases, but orders fell short of expectations.
Market outlook
The rebound in nickel prices is mainly influenced by macro factors, and the overall fundamentals are weak. It is expected that nickel prices will fluctuate widely in the short term.
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