1. Trend analysis

According to SunSirs nickel price monitoring, spot nickel prices fluctuated within a narrow range last week, with prices quoted at 98,133.33 yuan / ton over the weekend, up 0.29% from 97,850 yuan / ton at the beginning of the week and down 4.6% year on year.

2. Market analysis

At the beginning of last week, the main Shanghai nickel market opened at 97,100 points, after which the price was strong. It rose sharply to 98,970 points on Friday, a weekly increase of 1.71%. London nickel closed at $ 12,035 as of Friday, with a weekly increase of 2.82%.

Stainless steel prices have continued to rise recently, and stainless steel immediate profits have been repaired quickly. Most domestic ferronickel plants are still at a loss. Due to the tight supply of nickel ores and the recovery of downstream demand, ferronickel plants are reluctant to sell. Recently, the nickel supply end has been affected by COVID-19. The supply of nickel ore in the Philippines may decline significantly in April. The nickel ore stocks available at domestic mainstream nickel-iron factories can still support from January to March. Some nickel iron ore factories have a shortage of nickel ore raw material inventory. April and May Domestic ferronickel production may remain low.

3. Future market forecast

The supply of nickel ore in the Philippines is affected by COVID-19 and the shipment may decline significantly in April. Chinese nickel ore port inventories continue to decline. The output of nickel and iron may remain low in April and May. The price of nickel ore may increase in the later period and increase the cost of nickel and iron. Nickel may be expected to be strongly volatile in the short term.

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