1. Trend analysis

According to the nickel price monitoring of the SunSirs, the spot nickel price rose first and then fell this week. The weekend price was 100,316.67 RMB/ton, down 1.31% from 101,650 RMB/ton at the beginning of the week, down 2.7% year on year.

2. Market analysis

LME March closed at $12,200, down 2.94% on a weekly basis. This week, Shanghai nickel opened at 102,000 RMB, followed by weak prices, closing at 98,250 RMB, down 4.01%.

This week, nickel prices fell, traders were cautious in taking goods, downstream enterprises had limited procurement, consumption was affected by the epidemic, and market trading was not active. Indonesia banned mining in advance, and domestic ferronickel production capacity was transferred 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 nickel iron plant has fully prepared the ore, the ore price has stabilized, and the short-term supply is sufficient. Due to the poor performance of the epidemic, the growth rate of new energy vehicles continued to decline, and the stainless steel inventory was high.

3. Future prospects

The inventory of LUNI continues to soar, with an increase of more than 52% in two months. However, due to the impact of public health events, the downstream demand of the market is difficult to recover in a short term, and nickel prices continue to bear pressure.

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