Price trend

According to the nickel price monitoring of SunSirs, the average nickel spot market price was 224,583 RMB/ton on the 8th, up 3.74% from the previous trading day and up 18.64% year on year.

Analysis review

Crude oil reached a low level during the year, with poor cost support. Downstream procurement maintained just in demand, and spot transactions of styrene were not good. Nova nickel mine will stop production for about four weeks due to the weekend fire, which affected nickel production and also boosted nickel price.

On the news side, Indonesian KOMPASTV said on Wednesday morning that Indonesia considered resuming nickel ore export and collecting taxes. Downstream stainless steel began to replenish the warehouse with a small amount of goods, and the price was very high in the spot market. In terms of nickel sulfate, the supply was excessive in the short term and the production was in deficit.

Market outlook

In general, macro sentiment and news support the nickel price, with limited downstream demand. It is expected that the nickel price will continue to fluctuate widely in the short term.

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