Price trend

According to the nickel price monitoring of SunSirs, on the 11th, the average nickel market price is now quoted at 183,516.67 RMB/ton, an increase of 2.77% from the previous trading day and a year-on-year increase of 32.58%.

Analysis review

The U.S. non-farm payrolls data on Friday exceeded expectations. Although this strengthened the Fed’s expectation of a 75 basis point interest rate hike, fears of a recession were slightly weakened. The next week, London Nickel bucked the trend and closed up 1.87%. The development momentum of new energy vehicles is booming, the production of nickel mines at home and abroad has both increased, and low inventories have supported nickel prices.

In terms of fundamentals, the pressure on raw materials still exists, the prices of nickel ore and ferronickel continue to fall, and the supply is expected to shrink slightly under the loss of iron factories. In terms of downstream stainless steel, steel mills have continued to reduce production, social inventories have fallen, and merchants have continued to support prices, which has stabilized stainless steel prices slightly. However, the current terminal demand has not improved significantly, and stainless steel price support is weak.

Market outlook

In general, although there is still pressure on the industrial chain, nickel is supported by a certain macro level and bottom in the short term, and the price may stop falling and stabilize.

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