SHANGHAI, Apr. 7 (SMM) – Nickel market dived during the afternoon business on Friday, with LME and SHFE three-month nickel sliding to $10,000 per tonne and 83,000 yuan per tonne. Why?
Nickel Market to Come under Pressure from Waning Cost Support and Soft Demand in April, SMM Predicts
"The quick and sudden decline is due mainly to the tumble in lead market and demand worries,” SMM nickel analyst says.
SMM latest survey, covering many small, medium and large stainless steel mills, finds that production is stable, but those mills face high inventories of finished goods. Meanwhile, stainless steel demand shows no signs of improvement in April, and de-stocking of hot and cold-rolled products pressed down the market, a sign of weak end-user demand.
SHFE Tin Become Only One Survivor after Wide-spread Base Metal Declines on Cut News, SMM Reports
But, an overly bearish outlook is not advised, SMM adds, as nickel ore supply remains tight, which will lead to a significant output cut at nickel smelters, mainly NPI producers, in April.
SMM expects LME nickel to find support at $9,600-9,800 per tonne in the coming week.
SMM will release China's NPI output in March and forecast for April soon, please follow us on SMM report and website.
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