[2020.5.14 minutes of Nickel Internal Morning meeting] short-term continued rise and weakness Nickel Price weak shock Nickel Pig Iron Price remains strong

Judgment of nickel price: at present, the good balance sheet of primary nickel highly depends on the consumption of stainless steel and the contraction of domestic nickel pig iron, while in the aspect of pure nickel, its consumption downstream is more scattered, and other aspects of consumption are worse than stainless steel plates. its consumption recovery is weaker than the performance of nickel pig iron, and the recovery of consumption still takes time to wait. Considering that the epidemic situation in overseas areas is still severe, but the intention to resume production is strong, and the future trend is good, there is still some potential for the performance of nickel prices, and the current price may be on the center of gravity of the annual average price. In the past two days, see stainless steel prices peaked at the top of the long gradually decline, short positions to hold down the price, but nickel pig iron prices remain strong, and even about to rise water pure nickel, generally speaking, there is little room for nickel prices to fall, to maintain concussive operation. In today's price range, pay attention to the 20-day moving average support, Shanghai nickel 100000-101600 yuan / ton, Lunni 12100-12399 US dollars / ton.

1. May 13 SMM1 Electrolytic Nickel offer 99900-101300 yuan / ton, the average price is 2150 yuan / ton lower than yesterday. Shanghai nickel opened low in the morning market, continued to dive, to 10:00 after hitting the bottom rebound, the morning out of the "V" shape trend. Spot, the discount is stable than yesterday, enquiries and transactions are better than Tuesday. Russian nickel to Shanghai nickel 2006 contract reported 50 to up 50 yuan / ton, Jinchuan nickel, Shanghai nickel 2006 contract rose 1000-1100 yuan / ton.

2. In terms of nickel pig iron, it is understood that the purchase price of high nickel pig iron in a large stainless steel plant in South China has gradually increased recently, and a large number of goods have been procured. Recently, a relatively large transaction was 1005 yuan / nickel point (including tax), with a transaction volume of tens of thousands of tons. According to the investigation, the purchase volume of the factory in May may have reached 100000 tons.

3, May 13, Wuxi stainless steel market quotation stable, 304 2B rough edge roll price range 13600-13900 yuan / ton, the average price is slightly lower than yesterday by 50 yuan / ton; 304 2B cutting edge roll price is 1375014050 yuan / ton, the price is stable; 304 NO.1 13200-13500 yuan / ton, a small reduction of 50 yuan / ton. According to traders, steel mills in May this week orders have arrived one after another, but not a large number of concentrated to the market, the current market supply of goods is not much. Individual traders slightly reduced prices mainly due to the recent transaction atmosphere slightly light, price adjustment to test the market, in order to prevent the late arrival of a large number of goods after the price pressure is too great.