SunSirs: Nickel Prices Plummeted Significantly on May 11th
May 12 2023 09:54:59 SunSirs (John)
Price trend
According to the monitoring of nickel prices by SunSirs, on the 11th, the average spot market price of nickel was 178,466.67 RMB/ton, a decrease of 4.79% from the previous trading day and a year-on-year decrease of 17.76%.
Analysis review
Driven by CPI data and the US debt ceiling crisis, safe haven rose sharply, with overnight London nickel futures leading a decline of 4.32%.The taxation of nickel iron in the overseas markets of the Philippines and Indonesia had not yet been finally implemented. The domestic refined nickel production capacity continued to climb, but the driving force behind the narrowing of nickel electrowinning profits had weakened, and low pure nickel inventory might provide some support. In the downstream stainless steel field, there were more steel mills resuming production in April, but there was not much significant increase in demand, resulting in a slower pace of stainless steel inventory reduction.
Market outlook
The improvement of nickel supply and demand structure is limited, and it is expected that nickel will mainly experience weak fluctuations.
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