SMM, June 2 / PRNewswire-Asianet /-
On the supply side, according to the SMM survey, the national nickel pig iron decreased by 0.31% to 47800 nickel tons in May, an increase of 28.13% over the same period last year. Among them, the production of high nickel pig iron in May decreased by 1.58 per cent to 41000 nickel tons compared with April.
On the demand side, according to SMM research, a steel mill in the south this week cut the inquiry price of high nickel iron to 940 yuan / nickel point, including tax, 20 yuan / nickel point lower than the inquiry price on Monday, and has not heard of the transaction yet. The transaction price of high nickel iron in a steel mill in East China this week is 955 yuan / nickel, including tax, which is 5 yuan / nickel point lower than the last purchase price. Subsequently, due to the impact of the continuous fall in price, the steel mill suspended the inquiry for 955 yuan / nickel point.
Overall, ferronickel continued to fall this week after the first nickel price to return to its pre-rally level last week. At the beginning of the week, the inquiry of the Southern Steel Plant was flat last week, and the East China Steel Plant slightly dropped 5 yuan / nickel point. With the continued decline in the nickel price, the Southern Steel Plant was the first to lower the price on Wednesday, and then the East China Steel Plant also closed the plate and then adjusted the price. Flat southern steel mill 940 yuan / nickel inquiry. Prices fell too fast, factories, traders for the price delivery willingness is not strong, has not heard of the transaction, the actual transaction to maintain the level at the beginning of the week, this week the discount has narrowed. However, in June, as the supply of ferronickel becomes more abundant, if the stainless steel terminal is still not improved, the profits of the steel mills continue to narrow, and the steel mills either choose to overhaul and reduce production, or continue to suppress the prices of raw materials, will further drag down the price of nickel and iron. Ferronickel is expected to remain tipped.