SMM, April 10,
On April 10, the average price of SMM8-12% high-nickel pig iron was 931.5 yuan/nickel point (ex-factory tax included), up 0.5 yuan/nickel point from the previous working day. On the supply side, in April, due to the high price of nickel ore, Indonesian ferronickel smelters did not significantly reduce production, and some small and medium-sized enterprises began to stop production due to the impact of profit inversion in China, and the resumption time is still wait-and-see. After the Qingming Festival, the market sentiment picked up, and the stainless steel disk was revised upward, but the upstream and downstream of ferronickel were still in a stalemate stage, and the price remained stable. On the demand side, there are a small number of transactions in steel mills after the holiday, the price is low, the transaction is still relatively light, the main contracts of Shanghai nickel and stainless steel are revised upward, the upstream quotation rises slightly, and the downstream is more wait-and-see. To sum up, the current stainless steel production is still expected to run at a high level, so the supply side is still relatively loose, and it is expected that the current price of ferronickel is supported by the cost of limited downside.
If you have any questions regarding the recent movement of Nickel market (e.g. what caused it and how this can affect your business), or would like to know more comprehensive pricing info onNickel Industry chain. Please feel free to reach out to me:
ZhuoXuan Li
SMM Nickel&Recycling Department
E: zhuoxuanli@smm.cn | T: +86-18990182600
