After the Spring Festival, spot nickel rose slightly. As of the 8th, the nickel spot price was reported at 176,250 yuan / ton, an increase of 3.8% over the previous trading day and an increase of 14.18% over the beginning of the year.

The U.S. dollar weakened, and London nickel closed up 2.09% overnight; the continued depletion of LME inventories aggravated supply shortage concerns, and the demand for replenishment after the holiday increased the transaction rate, and nickel prices may maintain their upward trend. In terms of supply, the price of high-nickel iron bottomed out and the mainstream transaction price was 1400-1430 yuan/nickel. With the implementation of the high nickel matte project in Indonesia, the potential pressure on the supply of nickel sulfate raw materials has increased. In terms of demand, there are not many stainless steels arriving recently, and Hongwang cold rolling is mainly used for warehouse delivery. The accumulation of stainless steel stocks is limited, and the prospect of new energy vehicles continues to improve. In terms of inventory, domestic and foreign explicit inventories almost fell to the lowest range in history. Nickel prices are expected to remain strong in the short term.

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