Price trend

According to the nickel price monitoring of SunSirs, on the 13th, the average nickel market price was 223,200 RMB/ton, an increase of 3.93% over the previous trading day and an increase of 82.33% over the same period last year.

Analysis review

Crude oil rose and metals recovered, with London nickel closing up 0.09% overnight. High electricity levels in Europe have led to production cuts, import losses and the pandemic have affected supply, while high inflation has dampened consumption.

In terms of the current domestic fundamentals, affected by the epidemic, the downstream demand situation is not very optimistic. Last week, the social inventory of stainless steel accumulated to a large extent, and the pace of destocking was not as smooth as in previous years, which may affect the rhythm of subsequent production scheduling; the smelting of nickel sulfate has suffered a relatively large loss, and there is also a certain expectation of production reduction.

However, in the long run, it is expected that there will be fewer new nickel resources online in the next five years. In addition, the high-nickel ternary lithium battery will drive demand with the advantages of energy density and endurance. The supply and demand of nickel resources may have a gap around 2024. Nickel prices continue to improve for a long time.

Market outlook

Nickel prices will still be affected by non-fundamental factors and fluctuate in the short term, maintaining a wide fluctuation trend.

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