Price trend

According to the nickel price monitoring of SunSirs, nickel prices rose sharply this week. As of May 20, the spot nickel price was 224,633.33 RMB/ton, an increase of 4.7% from the price of 214,550 RMB/ton at the beginning of the week, and a year-on-year increase of 74.34%.

Analysis review

According to the weekly change chart of SunSirs, in the past 12 weeks, nickel prices rose in 7 weeks and fell in 5 weeks. The recent trend of nickel prices has mainly fluctuated widely.

The stock of nickel in London is still at a low level, and the supply of refined nickel in the domestic market is still tight, which supports the price of nickel. However, as Indonesia's wet process and pyro process projects are put into operation one after another, the new production of nickel will greatly alleviate the shortage of refined nickel supply. It is expected that the overall domestic refined nickel output will reach 12,500 tons in May, an increase of 4.55% month-on-month and 0.21% year-on-year.

In May, the 300 series crude steel output of 40 domestic stainless steel plants was 1.4492 million tons, which is expected to decrease by 1.9% month-on-month and 9.6% year-on-year. In May, the estimated output of ternary cathode materials in China was 37,000 tons, an increase of 1.04% month-on-month and a year-on-year increase of 13.76%.

Due to the continuous low inventory, nickel prices remained strong. With the relief of the epidemic pressure, the domestic stainless steel and ternary battery industries are expected to resume work and production. At present, spot resources in the domestic market are still tight, and premiums remain high, supporting nickel prices. Market transactions have improved slightly compared with the previous period, but demand is still relatively sluggish due to the epidemic.

Market outlook

It is expected that the overall trend of nickel prices will continue to fluctuate in a range.

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