[today's Nickel Market] Shanghai Nickel rushes high and falls back to Russian Nickel discount to expand spot trading and recovery is limited.

The trend of SMM Nickel Market on May 26th

Electrolytic nickel, nickel iron

Nickel spot: SMM May 26th: today's SMM1 Electrolytic Nickel quotation 100650mur101905 yuan / ton. After today's Shanghai nickel morning market rallied, it gave up the gains and returned to yesterday's operating range. In the morning market, Russo Nickel to Shanghai Nickel 2007 contract quoted 200mur100 yuan / ton. Today, traders have a strong willingness to ship goods, and holders have adjusted prices downwards one after another. There are certain shipments with 200 yuan / ton quotation in the morning, but the overall trading volume in the market is limited due to weak downstream demand. Jinchuan Nickel to Shanghai Nickel 2007 contract rising water 1100mur1200 yuan / ton, due to the high cost of receiving goods, the market still continued yesterday's offer, light trading in the morning market. The ex-factory price of Jinchuan is 101700 yuan / ton, and the higher price is above 1000 yuan / ton, so the willingness of traders to replenish the stock is relatively low. As for nickel beans, due to the continued weak demand, the discount to Shanghai nickel has been expanded to 1100 yuan / ton.

[ex-factory price of Jinchuan Company] SMM May 26: Jinchuan Electrolytic Nickel (big board) quoted price of 101700 yuan / ton in Shanghai, 102900 yuan / ton in small barreled pieces, and 101,250 / ton in Jinchang, 200 yuan / ton higher than yesterday.

[China's imports of ferronickel in April 240700 tons] SMM, May 26: according to customs data, China's imports of ferronickel in April 2020 were 240700 tons, an increase of 95200 tons over the same period last year, an increase of 65.43 percent, and a decrease of 86400 tons, or 26.41 percent, from the previous month. Of this total, imports of Indonesian ferronickel were 188000 tons, an increase of 92500 tons or 96.86 percent over the same period last year.

Stainless steel

[Wuxi stainless steel afternoon review] SMM May 26th: today, Wuxi stainless steel spot quotation is generally stable, of which Hongwang resources have individual traders slightly lower, 304bp 2B brim curl price range 13500murt 13700 yuan / ton, the average price slightly reduced 50 yuan / ton; 304 / NO.1 quoted 13150murf 13250 yuan / ton; 3042B big factory volume price 1390014100 / ton, the price is stable. According to market understanding, Qingshan Series Steel Plant has quoted a narrowband price in August, which is the same as that in July, at 12600 yuan / ton. In the past two days, the spot price of stainless steel in Wuxi is stable and weak. near the end of the month, some merchants give a small profit to the goods, but the deal is general. For 10:30 SHFE SS2007 contract price 13275 yuan / ton, Wuxi stainless steel spot water 425mur625 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

[Foshan stainless steel afternoon review] SMM May 26: some individual models have few spot resources, although there is support for the stable operation of steel prices, but most of the downstream transaction performance is gradually weak, high standing prices are less than expected, and there are many negotiations among businessmen at the end of the month. Among them, 300 series cold and hot rolling spot quotations showed a small correction as a whole, and most traders still focused on making profits. In terms of the quotation of various series of steel in Foshan, the state-owned 304xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx, the state 304 (spot trimming = rough edge + 170).

Inventory

According to SMM, as of Friday, the inventory of the previous period was down 688 tons from last week to 26799 tons, all of which came from Shanghai delivery depots. Hidden inventory in East China increased by 1793 tons to 11622 tons compared with last week, of which the inventory of nickel beans increased by 500 tons to 2200 tons. It is reported that the amount of nickel in and out of the spot warehouse is relatively large, with about 2-3 kilotons of Russian nickel in storage. Guangdong Southern Reserve stocks, mostly electroplating grade nickel, fell from 640 tons to 607 tons this week. To sum up, while the inventory in the bonded area decreased, the domestic social inventory increased by 1072 tons to 39028 tons.

Nickel Research Group of Nonferrous Metals Department

Liu Yuqiao: + 86 Murray 21 Mutual 51666804 / liuyuqiao@smm.cn

Li Chuntian: + 86 Murray 21 Murray 51666817 / springli@smm.cn

Zhang Lingying: + 86 Murray 21 Mutual 51666901 / zhanglingying@smm.cn

Zhao Ming: + 86 Mui 21Mui 516666780 / tylerzhao@smm.cn

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