Price trend
According to the nickel price monitoring of SunSirs, on the 11th, the average nickel spot market price was 182,166.67 RMB/ton, an increase of 4.18% from the previous trading day and a year-on-year increase of 29.17%.
Analysis review
n the 11th, nickel prices rebounded at a low level. Recently, nickel prices continued to fluctuate broadly at a low level. The macro atmosphere has improved. The US CPI fell sharply to 8.5% in July. The July CPI rose 0% month-on-month, expected to rise 0.2%, and the previous value rose 1.2%.Expectations of a 75 basis point rate hike cooled sharply, the dollar fell sharply, non-ferrous metals generally rebounded, and London nickel closed up 4.5% overnight.
The production capacity of Indonesian nickel ore and ferronickel in overseas markets has increased rapidly. Recently, the profit window of refined nickel imports has continued to open, and domestic electrolytic nickel supply is expected to be loose. In July, domestic nickel apparent consumption rebounded compared with the previous period, and domestic pure nickel inventory was in an absolute position. In addition, the recovery of overseas nickel mines has eased the tight situation, and Indonesian ferronickel, wet-process intermediates and high nickel matte have gradually flowed in, and the excess pressure on the supply side remains unabated. Due to the implementation of the production reduction in downstream stainless steel, the high inventory has experienced a certain reduction, but the overall demand is still lower than expected.
Market outlook
Nickel supply and demand tend to be loose, and nickel prices are expected to remain fluctuate widely at a low level.
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