[25 November SMM Nickel Product Price]

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[25 November SMM Nickel Market Trends]

Electrolytic nickel

Spot: November 25 electrolytic nickel quotation 116900-122200 yuan / ton. Compared with Shanghai Nickel 1912, Russian nickel reported 1400 to 1600 yuan per ton. Jinchuan nickel compared with Shanghai nickel 1912 contract rose 6400 to 6700 yuan / ton, Jinchuan and Russian nickel rising water continued to fall, one is due to the gradual inflow of warehouse orders into the spot market, the source of goods increased. Second, today's nickel price continues last Friday night strong trend, downstream for the time being no willingness to purchase, more in the wait and see, spot trading performance desolate. And near the end of the year, each link of the industrial chain spot transactions are weak, mainly related to the year-end settlement depressed inventory. Jinchuan's ex-factory price is 122000 yuan / ton, 500 yuan / ton lower than last Friday.

Nickel ore

According to customs forecast data, China's nickel mine imports totaled 6.8537 million tons in October 2019, down 2.0676 million tons from September, down 23.2 percent from the previous month, and up 25.8 percent from the same period last year. Of this total, imports from Indonesia were 3.1063 million tons, down 6.2 percent from the previous month; imports from the Philippines were 3.3772 million tons, down 10.35 percent from the previous month; and imports from New Caledonia were 340800 tons, an increase of 18.5 percent over the previous month. (customs nickel mine data is a mixture of dry and wet tons)

Stainless steel

SMM, Nov. 25: in the morning Foshan stainless steel market state-run 304 2B trimming volume price is flat compared with last Friday's average price at 15600 yuan / ton; private 304 2B rough edge roll price is stable at 14900 yuan / ton compared with last Friday's price; today's 304 / NO. 1 5-foot roll price is stable at 14250 yuan / ton compared with last Friday's average price. In the morning, the overall price of cold and hot rolling in Foshan market was more stable than that of last Friday. Near the end of the month, a number of traders reflected a slight increase in downstream demand, and the quotation was more stable than on Friday as a whole. For 10:30 SHFE SS2002 contract selling price 14585 yuan / ton, Foshan stainless steel spot water 385-585yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

SMM11 25: this morning Wuxi area quotation: state-owned 304 2B cut edge volume price 15400-15500 yuan / ton, private 304 2B rough edge volume price 14900-15000 yuan / ton. 304 / NO. 1 five feet at 14000-14100 yuan / ton. Market prices stabilized on Monday, steel mills maintenance and production reduction news although there is some support, but high social inventory superimposed the recent supply of steel mills to the scene, stainless steel prices are expected to maintain a stable operation in the short term. For 10:30 SHFE SS2002 contract selling price 14585 yuan / ton, Wuxi stainless steel spot water 485-585yuan / ton. (spot edge cutting = rough edge + 170 yuan / ton).

According to SMM research, a large stainless steel plant in East China will carry out annual routine maintenance for 10-15 days from November 21, in which the integrated production line of RKEF will be produced normally, and the maintenance is expected to affect the output of stainless steel 75000 tons. The steel plant has not yet determined a date to resume normal production, and SMM continues to track.

Stock

Data source: SMM (unit: ton)

According to SMM research, the total amount of nickel stocks in Shanghai, including the previous warehouse receipt inventory, was down 475 tons to 80900 tons from last week, a drop of less than 1 per cent. Domestic stocks fell 475 tons to 64600 tons from last week, including about 11800 tons of nickel beans and about 52800 tons of nickel plates. In the same period, refined nickel stocks in the Shanghai Free Trade Zone were about 16300 tons, flat from the previous week, including 3900 tons of nickel beans, down 700 tons from last week.

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