Price trend

The nickel market rebounded slightly this week (12.7-12.13). According to the monitoring of nickel prices by SunSirs, as of December 13th, spot nickel prices were Quoted at 130,641 RMB/ton, with a weekly increase of 2.63%.

Analysis review

Macroscopic aspect: From December 11 to 12, the Central Economic Work Conference determined that the monetary policy in 2025 should be "moderately loose", the fiscal policy should be more forceful and awesome, and the policy "combination fist" should be played well to boost confidence of all parties, which supported the rebound of nickel prices.

On the supply side: The global nickel supply surplus continued, with Russia's major producer Nornickel stating on Tuesday that the global nickel surplus will remain at around 150,000 tons by 2025. Shanghai nickel and London nickel inventories were under pressure, and weekly growth had weakened. As of December 13th, the inventory of Shanghai nickel warehouse receipts was 30,564 tons, an increase of 985 tons during the week; On December 13th, LME nickel inventory was 164,508 tons, an increase of 756 tons for the week.

On the demand side: Electroplating and alloy consumption remain stable, while stainless steel maintains a state of "high output + high inventory + demand neutrality", with weak fluctuations. Looking forward to favorable support from policy meetings. As of December 13th, the reference price for stainless steel in SunSirs was 13,192.5 RMB/ton, a decrease of 1.22% from the beginning of the month.

Market outlook

There has been no significant improvement in demand, and buying at low prices has put pressure on inventory. There was significant resistance to the upward trend of nickel prices, and it is expected that macroeconomic policies will continue to be favorable. It is expected that nickel prices will fluctuate in the short term.

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