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[2020.5.12 Nickel Internal Morning meeting Summary] the recent price of stainless steel is strong and the price of cautious nickel pig iron still has room to go up.
May 12,2020 10:00CST
The content below was translated by Tencent automatically for reference.

Nickel price judgment: at present, the rising price of stainless steel is relatively lack of a large number of transactions in the market as a support, and nickel prices, especially Shanghai nickel is currently mediocre. Compared with ferronickel, which just needs to be supported, domestic spot demand for pure nickel is light, or has gradually become a drag on nickel prices. To sum up, although the supply of nickel pig iron is abundant, it will not drag down the nickel price for the time being. If the high profits of stainless steel can be relatively maintained, other downstream industries will recover from the overseas epidemic as early as possible, gradually pulling more pure nickel into China to be consumed. Nickel prices may have room for further strength. In the short term, nickel is better than stainless steel.

1. May 11th SMM1 Electrolytic Nickel offer 102300-103800 yuan / ton. Russo Nickel spot contract quotation for Shanghai Nickel 2006 is between discount 100 and level water, and there is still only room for price reduction for the new version of Russo Nickel, which is not deliverable on the market. Shanghai nickel rushed higher and fell back, although the price rose, but the Russian nickel holder's willingness to adjust the price is weak, on the one hand, the market low price supply is difficult to find, on the other hand, since the May Day trading weakening, traders choose to sit and watch the future, waiting for the downstream consumption to pick up. Russian nickel transactions in the morning market is relatively light, in the afternoon Shanghai nickel fell 102000 yuan / ton daily average line, gradually warmed up. Jinchuan Nickel to Shanghai Nickel 2006 contract rose 1000 to 1200 yuan / ton in the morning market. After the opening of the morning market, there are a small number of transactions in the quotation of 1000 yuan / ton. After the second trading session, Jinchuan Company announced the ex-factory price of 103000 yuan / ton, and the Shanghai area has arrived. After that, the market merchants adjusted the price of Jinchuan nickel, and it is reported that 800-900 yuan / ton of water has reached a deal. Nickel beans, although there is good news that nickel beans can be delivered at the weekend, but it is still early to the date of delivery. At present, the demand deviation, nickel beans quoted to Shanghai Nickel 2006 contract between 900-800 yuan / ton. In terms of foreign trade, the import window opened briefly in the morning, and some foreign traders locked foreign exchange for forward goods. At present, the domestic Russian nickel discount is strong, foreign trade US dollar goods premium in 160-180 US dollars / ton.

2. On May 11, the price of high-nickel pig iron was 960-970 yuan / nickel point (including tax), which was the same as last Friday. For the time being, there is no mainstream steel factory quotation inquiry, nickel iron quotation continues to rise with stainless steel, last Friday mainstream stainless steel factory inquiry price to 980-1000 yuan / nickel point. Stainless steel and nickel mine prices still have room to rise this week. With both supply and demand rising, it is expected that the price of high-nickel pig iron will continue to rise slightly this week, and the ex-factory price may approach the 1000-yuan mark.

3, May 11 Wuxi stainless steel market quotation generally rose, 304 2B rough edge roll price range 13600-13900 yuan / ton, the average price increased by 400 yuan / ton compared with last Friday; 304 2B big factory trimming volume price quoted 13700-14000 yuan / ton, the average price increased 350 yuan / ton; 304N NO.1 quoted 13300-13500 yuan / ton, the average price increased 350 yuan / ton. According to traders, prices have generally risen on Saturday, but after the price rise, the inquiry decreased, the downstream orders fell, and the transaction atmosphere was normal before noon. Qingshan Steel Plant opened a new price for 200series stainless steel in the morning, 201/J1 cold rolling quoted 7150 yuan / ton, 100 yuan / ton higher than the last price, but the price has not yet been paid. At present, some operators believe that 304 stainless steel prices are on the high side, downstream goods will be more cautious. For 10:30 SHFE SS2007 contract price 13645 yuan / ton, Wuxi stainless steel spot water 125-425 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

Electrolytic Nickel

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