The price of ferronickel operated under pressure during the week, and the electrolytic nickel discount narrowed by 12.8 yuan/nickel point compared with last week

The average price of SMM8-12% high nickel pig iron during the week was 930 yuan/nickel point (ex-factory tax included), which was 1.7 yuan/nickel point lower than the average price last week, and the price of ferronickel showed a downward trend during the week. On the supply side, although the approval speed of nickel ore quotas has been significantly accelerated recently, it still takes time from the mine to the smelter, so it is expected that the output of ferronickel will remain low during March. On the demand side, the downstream and terminal demand for stainless steel is relatively weak, the backlog of steel mills is difficult to digest, the price of stainless steel is unilaterally downward and breaks through the cost line, and the purchase intention price of steel mills is low and the demand is light. In summary, the mismatch between supply and demand of ferronickel continues, and the current price of ferronickel is expected to be weak.