SMM, 22 Feb:
Due to the fall in nickel prices last week, high nickel pig iron compared with electrolytic nickel premium after a heavy rebound in water, nickel prices this week five consecutive yang, all the way up, high nickel pig iron than electrolytic nickel premium back to the discount.
Earlier this week, nickel prices began to pick up, South China steel plant procurement prices maintained last week 1020 yuan / nickel point (to the plant including tax), the premium maintained rising water.
Nickel prices continued to rise on Wednesday and Thursday, but SMM felt in the process of communicating with the market that some sellers were optimistic about the price, but the offer was also relatively cautious, and the seller was not determined to be bullish on the one hand, but also felt sorry for the sale on the other. The two feelings are contradictory, but also in line with the market in the context of nickel prices rising too fast and ferronickel spot tension.
Until the inquiry price of 1030 yuan / nickel point was made by the East China stainless Steel Plant on Thursday afternoon, the market price was given new guidance, but SMM also felt that it was divided and infirm, and some sellers thought the price was too low. Some sellers think that the psychological price has been reached and that it is difficult for the price to be higher.
Overall, nickel prices this week five consecutive yang, but high nickel pig iron rose less than electrolytic nickel, compared with electrolytic nickel premium into a discount. In the process of communicating with the market this week, SMM felt that ferronickel was still in short supply, but the price rise was a little weak. According to industry insiders, the downstream of stainless steel started relatively late this year, although hot rolling has basically started, but cold rolling has not yet started, and whether the demand for stainless steel in the later period can support the rise in stainless steel prices is still uncertain, but the price of raw materials has gone up all the way up. There is also pressure on steel mills to buy. Therefore, the quantity and rhythm of steel plant stock are still controlled by the consumption and price of stainless steel downstream.
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