SunSirs: Nickel Price Rose Sharply on October 19
October 20 2022 09:44:00 SunSirs (John)
Price trend
According to the nickel price monitoring of SunSirs, on the 19th, the average market price of the nickel spot market was 192,450 RMB/ton, up 3.13% from the previous trading day and 27.1% year on year.
Analysis review
The three major US stock indexes rose, while London nickel futures closed 1.14% higher overnight. The rainy season in the main mining area of the Philippines was coming, and the price of nickel ore was firm. The supply and demand of ferronickel improved, and the short-term resource was tight. Indonesia's tariff policy raised the cost of importing ferronickel, and the price of nickel pig iron rose.
The demand for nickel sulfate from new energy power batteries has rebounded, and the downstream stainless steel production has increased. However, at present, the steel plant's resumption of production has limited incremental consumption of pure nickel, and the nickel beans used in new energy have hardly been traded, but the demand for alloy is growing and the tolerance for nickel price is high.
Market outlook
Nickel price is expected to fluctuate to be stong in the short term.
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