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Today's nickel market (10.23) news stimulated sentiment nickel price rebound back to the 130000 mark nickel pig iron decline is hard to change
Oct 23,2019 16:12CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

[23 October SMM Nickel Product Price]

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[23 October SMM Nickel Market Trends]

Electrolytic nickel

Spot: [Wuxi Shanghai nickel price difference is still big stimulus nickel bean transaction] SMM October 23: Russian nickel today compared with Shanghai nickel 1911 level water to rise to 150 yuan / ton, Jinchuan nickel compared with Shanghai nickel 1911 contract generally up 200-400 yuan / ton. Russian nickel Jinchuan rising water continues to decline, mainly due to the recent Shanghai nickel and Wuxi nickel price difference, stimulate steel mills have no tin plate to purchase nickel beans, nickel plate demand has been significantly suppressed. As the price gap between the two markets is still large, this phenomenon is expected to continue in the near future, mainstream traders are quoted for Shanghai nickel, Shanghai spot market trading is very light. Superimposed nickel prices due to last night's Norilsk nickel industry accident rebounded, although there is a decline today, but the overall increase is still large, restraining spot trading. The ex-factory price of Jinchuan Company is 131900 yuan / ton, 2400 yuan / ton higher than yesterday.

[ex-factory Price of Jinchuan Company] SMM, Oct. 23 / PRNewswire-FirstCall-Asianet /-- Today Jinchuan Company Electrolytic Nickel (Big Board) Shanghai quoted 131900 yuan / ton, barreled small pieces 133100 yuan / ton, 2400 yuan / ton higher than yesterday.

Nickel pig iron

[nickel iron inquiry price as low as 1150 yuan / nickel point in the short term nickel iron price is still difficult to rebound] SMM October 23: October 23 SMM high nickel pig iron (ex-factory price) is 1140-1160 yuan / nickel point, 30 yuan / nickel point lower than the previous day. The inquiry price of a stainless steel factory in South China is 1150 yuan / nickel point (including tax). The inquiry has not yet been completed, and part of the nickel pig iron factory in the market leaves the factory at 1150 yuan / nickel point. Stimulated by the news and enhanced confidence among the bulls, the nickel price rebounded sharply today. The price of high-nickel pig iron failed to follow the nickel price and still maintained a weak downward trend, mainly due to the difference between nickel and nickel-iron fundamentals. When the price rose in the early stage, the acceptance of high-nickel pig iron and nickel price in stainless steel plants was very limited, but due to the rigid demand procurement of some stainless steel plants and the arbitrage operation of a small number of traders, The center of gravity of the market still lagged behind the nickel price to achieve a big rise, and now the nickel price correction plus stainless steel factory price inquiry and the previous arbitrage traders to seize the opportunity to give out the goods, under the action of the above multiple factors, the price of high nickel pig iron fell sharply. Compared with the highest 1260 yuan / nickel point on October 11, the average price of SMM high nickel pig iron has been reduced by 110 yuan / nickel point. Market participants believe that although the nickel price has rebounded, it is difficult for the price of high-nickel pig iron to rise sharply in the short term.

Stainless steel, scrap stainless steel

Foshan market new Yangjiang Hongwang 304 cold rolled stainless steel] SMM October 23: according to market news, this week Yangjiang Hongwang 304 cold rolling new resources into the Foshan market. Among them, the base price of 304 2B 1.95 thickness is quoted at 15250 yuan / ton, and some agents are already shipping.

[international stainless Steel Forum (ISSF) released stainless Steel consumption] SMM, 23 Oct: stainless steel consumption data released by the International stainless Steel Forum (ISSF) at the autumn meeting in Mexico a few days ago showed that global stainless steel consumption is expected to grow by 2.4% in 2019 and 4.4% in 2020 compared with the same period last year. Global stainless steel consumption increased by + 4.8% in 2018 compared with the same period last year. Among them, stainless steel consumption in Europe / Africa decreased by 5.7% in 2019 and increased by 0.4% in 2020, while stainless steel consumption in the Americas decreased by 7.6% in 2019 and 1.6% in 2020. Stainless steel consumption in Asia (excluding China) fell 0.7% in 2019 and 2.0% in 2020. ISSF forecasts 8.6% year-on-year growth in stainless steel consumption in 2019, 7.2% year-on-year growth in 2020 and 6.9% year-on-year growth in 2018.

SMM, Oct. 23 / PRNewswire-FirstCall-Asianet /-- this morning, Wuxi quoted prices of 1605016250 yuan / ton for state-run 304 2B edge cutting volumes and 15800-15900 yuan / ton for private 304 2B rough edge volumes. 304 / NO. 1 five feet at 14950-15050 yuan / ton. Morning market quotation is mixed, generally reflect the recent transaction light, October demand is slightly lower than September, although nickel prices rise, agents and traders are cautious quotation shipment. For 10:30 SHFE SS2002 contract selling price 14965 yuan / ton, Wuxi stainless steel spot water 705-805 yuan / ton (spot edge cutting = rough edge + 170 yuan / ton)

SMM, Oct. 23 / PRNewswire-FirstCall-Asianet /-- in the morning Foshan stainless steel market state-owned 304 2B trimming volume price is flat at 15950 yuan / ton compared with yesterday's market price; private 304 2B rough edge roll price is flat at 15500 yuan / ton today; today's 304 / NO. 1 five-foot roll price is stable at 15100 yuan / ton compared with yesterday's average price. Today morning Foshan cold, hot rolling market quotation is more stable than yesterday's average price, although some businesses slightly low up 50, but basically not too many transactions, so the future stainless steel market to see a weak mood increase. For 10:30 SHFE ss2002 contract selling price 14965 yuan / ton, Foshan stainless steel spot water 305-505 yuan / ton (spot edge cutting = rough edge + 170 yuan / ton)

Inventory

According to SMM research, the total amount of nickel inventory in Shanghai, including the previous warehouse receipt inventory, was down 3503 tons to 75000 tons from last week. Domestic stocks fell 803 tons to 53000 tons from last week, including about 11700 tons of nickel beans and about 41300 tons of nickel plates. In the same period, the refined nickel inventory in the Shanghai Free Trade Zone was about 22000 tons, 2700 tons less than last week, of which 5500 tons were nickel beans, 500 tons less than before the festival.

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