Price trend

According to the nickel price monitoring of SunSirs, nickel prices fluctuated and fell this week. As of July 8, the spot nickel price was 178,566.67 RMB/ton, down 2.71% from the price of 183,533.33 RMB/ton at the beginning of the week, and up 30.71% year-on-year.

Analysis review

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

In the early stage, market sentiment rebounded due to the impact of the sanctions on the president of Norilsk Nickel Company, but the current nickel industry as a whole has strong supply and weak demand. After the sudden emotional impact, nickel prices continued to return to the downward channel.

From a fundamental point of view, in terms of supply, this year, Indonesia's nickel intermediate products and high-nickel matte projects have been put into operation. The supply of nickel sulfate raw materials has increased, and the price of battery-grade nickel sulfate crystals has continued to decline. In terms of demand, the pressure on the social inventory of 300 series stainless steel has eased, but the production is still in a loss. It is needed to be concerned about the impact of the price-driven profit recovery on production scheduling. The prospect of new energy vehicles continues to improve, but considering the economics of different nickel sulfate processes, the proportion of nickel beans has shrunk significantly.

Market outlook

Under the pressure of supply and demand, nickel prices are expected to remain volatile to be weak.

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