Macroscopically, there has been a surge in new crowns outside China and a blockade in many parts of Italy, although the WHO says it has not yet reached the stage of a global pandemic. White House economists warned that the new crown virus posed a "real threat" to the economy, and Goldman Sachs cut its first-quarter GDP forecast to 1.2 per cent. The European Union will draw up a contingency plan for an additional 230 million euros in response to the new crown epidemic. Fears of a worsening epidemic have dragged U. S. stocks down the most in two years. European and American stock markets suffered "open the door black" on Monday, European stocks closed down sharply, Britain's FTSE 100 index fell more than 3.3%, the three major U. S. stock indexes closed sharply lower.

Nickel spot: February 24 SMM1# electrolytic nickel quotation 101000-102000 yuan / ton. Russian nickel to Shanghai Nickel 2003 contract to paste 2003 yuan / ton, the quotation is still dominated by warehouse orders, the morning market is more reported in the post 50-100 yuan / ton, but very few transactions. In the second trading session, in order to stimulate downstream pick-up, some traders continued to lower the discount rate to 150-200 yuan / ton, and transactions gradually improved. Jinchuan nickel to Shanghai nickel 2003 contract rose 700-800 yuan / ton, Jinchuan company ex-factory price of 101600 yuan / ton, transactions are mainly small orders. It is reported that because Jinchuan Company has completed the monthly sales plan, the shipment volume is on the low side, the holder therefore more cherishes the sale. After the opening of the afternoon, nickel prices rebounded, the field Jinchuan nickel quotation less, rising water immediately up, the transaction gradually light.

Nickel pig iron: SMM February 24: according to market understanding, a large stainless steel factory in the south high nickel pig iron bid price 940-950 yuan / nickel point (to the plant including tax), and a northern iron plant has nearly 10,000 tons of transactions.

Stainless steel: on February 24, 304 private cold and hot rolling prices in Wuxi area were slightly reduced, and the state-run trimming prices were basically stable. State-owned 304 2B trimming volume price is 14650-14750 yuan / ton; private 304 2B rough edge roll price 13800-13900 yuan / ton, the average price is slightly reduced 50 yuan / ton compared with last Friday; 304 / NO. 1 five feet 12900-13000 yuan / ton, the average price is reduced by 100 yuan / ton. Now most stainless steel businesses have resumed work, but Wuxi Oriental Steel City market is still closed, the specific opening time to wait for notice. For 10:30 SHFE SS2006 contract selling price 13100 yuan / ton, Wuxi stainless steel spot water 870-970 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

On the inventory side, Lunni stocks on 24 February were 228924 tons, an increase of 4224 tons over 24 February.

Nickel price judgment: although with the alleviation of the epidemic situation and the resumption of production of enterprises in provinces and regions outside Hubei, the domestic environment has improved, but the epidemic situation overseas is not optimistic. In addition, the news of the reduction in production in stainless steel plants has been further implemented, and the inventory pressure of stainless steel is a problem that is difficult to solve in the short term, and the continued high inventory is bound to gradually threaten the profits of steel mills. At present, only the cost of nickel pig iron makes nickel prices hard to support. The price of nickel has fallen into a state of deepening bearishness and good luck. Lunni closed last night in the long shadow line small negative column, the top pressure on a number of moving averages, K columns continue the recent downward trend, the shadow line down to an all-time low in the past half a year, today pay attention to Lunni below 12300 US dollars / ton first-line support.