SMM7, April 24th, news:
Nickel prices this week showed a correction after a series of gains last week. External nickel pullback to $14000 / ton line, below supported by the 10-day moving average, rose slightly this afternoon, is expected to continue to rise in the evening, but need to pay attention to the above 5-day moving average of $14500 / ton barrier resistance.
The main trend of Shanghai nickel in the inner market is similar to that in the outer market, which began to fall back this week. Today, the daily market is down to 110000 yuan / ton, supported by the 10-day moving average, and slightly revised at the end of the day. According to the afternoon trend of nickel, it is expected that Shanghai nickel will have a strong trend overnight.
Last week, the price of 300 series stainless steel rose with nickel price, this week nickel price correction, 304 stainless steel cold hot rolling price fell steadily. Today, the price of 304 cold rolled coil in Wuxi was quoted at 15000 to 15100 yuan / ton, down 100 to 200 yuan / ton from Friday, and the price of 304 hot rolled coil was quoted at 14350 to 14450 yuan / ton, down 100 to 200 yuan / ton from last Friday.
According to SMM statistics, since the price of stainless steel rose sharply last week, the profit of 300series stainless steel cold rolled coil has gradually recovered, as high as 800yuan / ton.
Note: steel mill profit based on inventory
According to SMM research, 300 series stainless steel prices fell slightly this week, the current market price range is relatively large, some traders said that the current downstream demand is not good, and due to the shortage of funds at the end of the month, some businesses choose to let profit shipment, while downstream buyers buy on demand, stainless steel prices in the future bear a bearish attitude.
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