Today's nickel market (7.11) nickel price trend is strong spot transactions are still light Fed interest rate cut expectations strengthened

[price of SMM nickel products on 11 July]

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[July 11 SMM nickel market trends]

Electrolytic nickel

Spot: [nickel spot transaction] SMM 1 # electrolytic nickel 102300 to 104300 yuan / ton. Russian nickel than Shanghai nickel 1908 discount 500-400 yuan / ton. Jinchuan nickel than Shanghai nickel 1908 contract generally reported a water rise of 1400 to 1500 yuan / ton. Early trading hours, Shanghai nickel continued to strengthen, basically in the vicinity of 102800 concussion, the market is calm, as high as 103000 yuan / ton, the transaction is unusually light, mainly shipped by the holder, the buyer's market, the effect is very small. In the second trading session, the price continued to rise after a short period of stability, and the market reaction converged in the morning. Jinchuan's ex-factory price was 103800 yuan / ton, up 300yuan / ton from yesterday, and the mainstream transaction was 102400-104300 yuan / ton.

[Jinchuan company ex-factory price] Jinchuan company electrolytic nickel (big plate) Shanghai quotation 103800 yuan / ton, barreled small pieces 105000 yuan / ton, up 300 yuan / ton from yesterday.

Stainless steel, waste stainless steel

[SMM stainless steel plant guide price] Wuxi stainless steel plant guide price hot rolling generally increased by 50 yuan / ton https://news.smm.cn/news/100948409

[Wuxi area stainless steel transaction situation] SMM July 10 news: this morning stainless steel factory guidance price is generally flat. According to SMM research, the prices of state-owned 3042B edge cutting rolls in Wuxi market are 14400 14500 yuan / ton, private 3042B rough edge rolls 14100 14200 yuan / ton, Delong 304 / NO. Fifteen feet is 13600 to 13700 yuan per ton. Although the nickel price is strong today, but the actual demand for stainless steel downstream is weak, the overall transaction is light.

[ISSF: global stainless steel production fell 2.5 per cent year-on-year in January-March this year] according to data released by ISSF on Tuesday, global stainless steel production in January-March 2019 was 12.464 million tons, down 2.5 per cent from a year earlier, but up 5.4 per cent from the previous quarter. Chinese companies produced 643400 tons of stainless steel, down 1.5 per cent from a year earlier, but up 4.4 per cent from the previous quarter. The output of stainless steel in Asian countries except China and South Korea is 1.961 million tons. Stainless steel production in Europe also fell over the same period from a year earlier, down 5.7 per cent from a year earlier to 1.899 million tons. Us stainless steel production in the January-March period was 704000 tons, down 2 per cent from a year earlier.

Inventory

According to the SMM survey, total nickel stocks in Shanghai, including the previous warehouse receipt stocks, rose 747 tons, or 1.1 per cent, from last week to 69000 tons. The specific changes are as follows: stocks in East China increased by 1600 tons to 33500 tons compared with last week, while stocks in the Shanghai Free Trade Zone (including Shanghai Tianwei, Capital Management Hall, facing Port, Jiekai and Henry Bath) refined nickel stocks decreased by 900 tons to 15000 tons compared with last week.

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