1. Trend analysis

According to the nickel price monitoring of SunSirs, on January 6, the spot nickel price fell slightly, with the quotation of 110,583.33RMB/ton, down 2.46% compared with the previous day, up 23.46% year on year. Shanghai nickel opened at 111,490RMB, then rebounded from low price exploration, hitting a minimum of 109,820RMB, closing at 111,310RMB, down 0.73%.

2. Market analysis

In terms of supply, Indonesia's early ore ban has changed the supply pattern of the nickel market, and domestic ferronickel production capacity has shifted to Indonesia. The Philippines, New Caledonia and Guatemala will play an alternative role in the import of nickel ore, but they cannot fully meet the demand. The ferronickel plant seized the last opportunity to fully prepare the storage, but the export volume of nickel ore in Indonesia was less than expected in the year. On the demand side, the performance of the consumer end was poor, the growth rate of new energy vehicles continued to decline, nickel sulfate trading was weak, the price was accompanied by a decline, and the stainless steel inventory was high.

3. Future prospects

Future forecast: nickel supply is tight, but downstream demand is weak, and nickel is expected to remain volatile in the short term.

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