Price trend

According to the nickel price monitoring of SunSirs, on the 7th, the nickel price soared, and the spot price was reported at 211,166.67 RMB/ton, an increase of 10.45% from the previous trading day and a year-on-year increase of 71.4%. The Shanghai nickel 2204 contract closed the daily limit and closed at 210,950 RMB/ton, up 12%.

Analysis review

On the macro level, it is mainly due to the continuation of the geographical influence of Russia and Ukraine, and the market is also constantly accruing the impact of supply-side disturbances under the Western sanctions on Russian trade.

Fundamentally, on the supply side, the Russian-Ukrainian geopolitical position, whether in Europe or domestic nickel supply, brings certain uncertainties, and the Philippines has entered the rainy season, the impact of the rising nickel ore price has begun to appear, and there are not many plans for refinery production scheduling.

On the demand side, the rapid rise in prices reduces the enthusiasm of downstream procurement in the short term, and the transaction weakens. However, when the supply problem is difficult to solve in the short term, the downstream may appear passive procurement. The sales performance of new energy vehicles is still bright, and the demand for power batteries is optimistic.

Market outlook

It is expected that nickel prices still have room to rise in the short term.

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