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[minutes of SMM nickel internal morning meeting] stainless steel prices fell steel mill losses expanded electrolytic nickel spot transactions slightly improved
Jun 5,2019 09:47CST
translation
Source:SMM
Stainless steel market: in June, the maintenance of steel mills is mainly 200 series, which is expected to affect the output of 50,000 tons. The northwest stainless steel plant with an annual production capacity of 1.2 million tons began annual maintenance in mid-June, of which 5000 tons were 5000 tons and 400 tons were 10, 000 tons, and the annual maintenance of cold rolling equipment was carried out in July. Yesterday, the steel mill guidance price flat, some agents let profit shipment, but the downstream demand is weak, the transaction has not been improved.
The content below was translated by Tencent automatically for reference.

SMM, June 5 / PRNewswire-Asianet /-

Macroscopically, the dollar fell slightly yesterday, mainly because Powell hinted that interest rate cuts could lead to poor US economic data. Powell hinted at the possibility of cutting interest rates, saying appropriate measures would be taken to maintain economic expansion, but also hinted at the dangers of low long-term interest rates; the Fed vice chairman said appropriate policies would be adopted if economic or potential inflation was lower than expected. Us factory order rate for April, previous value: 1.9%, expected:-0.9%, announced:-0.8%, revised: 1.3% (previous value), year-on-year growth rate hit the lowest since Trump took office. The eurozone reconciled CPI in May from a year earlier, today: 1.2 per cent, expected: 1.3 per cent, previous value: 1.7 per cent, below expectations, falling to its lowest level in more than a year. Spot: yesterday SMM 1 # electrolytic nickel 96650 to 97500 yuan / ton. In the morning, Russia nickel than Wuxi 1906 universal discount 100 to 50 yuan / ton, Jinchuan nickel than Wuxi 1906 contract generally reported water 800 yuan / ton. After the market price fell to around 96700 yuan / ton in the morning, the market activity increased compared with the day before yesterday, and traders reported that the transaction was improved compared with the day before yesterday. The earlier period of the lower reaches of the market was thicker than the day before, and the absolute price was appropriate. 96700 yuan / ton market price transaction concentration, but the overall buying rhythm is cautious. Jinchuan rising water has slightly higher, mainly because this week Jinchuan supply is a little tighter than before. Jinchuan ex-factory price quoted 97200 yuan / ton, down 500 yuan / ton from yesterday, the mainstream transaction at 96600-97300 yuan / ton. In the afternoon, the nickel price continued to consolidate around 96700 yuan / ton, and the transaction became light in the afternoon. The transaction of the trader with a discount of 150 yuan per ton improved compared with the day before yesterday, and the supply of goods in Jinchuan was tight recently, with the rising water maintaining 800 yuan per ton. The mainstream transaction is 96550 to 97300 yuan / ton.

Stainless steel market: stainless steel spot market weak operation. Yesterday Zhangpu, Chengde, Hongwang down steel mill guidance price of 50 yuan / ton, agent quotation down 50 to 100 yuan / ton, the actual transaction is weak, the market is light. Yesterday, the average loss of steel mills across the country expanded by 200 yuan per ton to 400 yuan per ton compared with the middle of May. In terms of stocks, nickel stocks on the 4th were 158900 tons, down 30 tons from the previous day.

Nickel price judgment: bearish expectations in the realization process: 1. East China large-scale nickel pig iron plant and Indonesia nickel pig iron production as planned, nickel pig iron supply gradually become relaxed, high nickel pig iron than electrolytic nickel continuous water. two。 The stainless steel market demand is general, the price continues to fall secretly, but to the transaction boost is limited, at the same time the social inventory maintains the high in recent years. The fundamentals are weak and the general trend of nickel price is still downward.

Nickel
minutes of internal morning meetings

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