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[2020.5.15 minutes of Nickel Internal Morning meeting] Nickel pig iron prices remain strong stainless steel prices are temporarily stable and volume is limited
May 15,2020 09:59CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel price judgment: with the epidemic after the concentrated return to work to catch up with the slowdown, the lack of bright spots in consumption, is a major factor in the pressure on major metals in recent days. However, at present, the price of stainless steel has remained stable, the volume of shipments has not increased significantly, and the spot price of stainless steel has been supported to a certain extent; the price of nickel pig iron has remained strong, and the price difference between nickel and pure nickel has been pulled to a very narrow extent; generally speaking, there is little room for nickel prices to fall, mainly to maintain concussive operation.

1. May 14 SMM1 electrolytic nickel quoted 100350-101650 yuan / ton, the average price increased by 400 yuan / ton compared with yesterday. Shanghai Nickel period opened high after the pressure down, the second trading session rose again, once again out of the "V" trend, has been in the vicinity of 101000 yuan / ton concussion. In the spot market, as delivery is approaching, Russian nickel holders have offered prices one after another, and non-deliverable Russian nickel is also reported near Pingshui. Russian nickel warehouse receipts and deliverable Russian nickel spot report rose 50-100 yuan / ton to the 2006 contract, and the morning market and afternoon transactions were not as good as yesterday. Jinchuan nickel to Shanghai nickel 2006 contract rose 1100-1200 yuan / ton, after the opening of the morning market, there are few transactions, the market is mostly waiting to see Jinchuan Company adjust prices, Shanghai ex-factory price 102000 yuan / ton, Shanghai has a small number of shipments, but on the whole, the delivery volume of traders is limited, so the rising water of the spot market is almost unchanged. Subsequently, Jinchuan Nickel has reached a transaction one after another, and the trading volume is also less than that of yesterday. It is expected that the discount will not change much in the next trading day.

2. On May 14, the price of high nickel pig iron is 970-990 yuan / nickel point (including tax), up 15 yuan / nickel point compared with yesterday. Market reports that a large stainless steel factory in the south continue to purchase, the purchase price broke through 1000 yuan to 1005 yuan / nickel point (to the factory including tax), the purchase volume of 10, 000 tons, according to SMM research, the recent factory procurement concentration, the total amount is larger, part of the delivery date has been to July, the domestic market nickel iron inventory decline rapidly, coupled with the recent nickel mine is difficult to make up for the demand, nickel iron may have the possibility of further rise in the short term.

3, May 14 Wuxi stainless steel market quotation is generally stable, 304 2B rough edge roll price range 13600-13900 yuan / ton, 304 2B cutting edge roll price 13750-14050 yuan / ton, the price is the same as yesterday; 304 NO.1 quoted 13100-13500 yuan / ton, the average price is 50 yuan / ton lower than yesterday. In the past two days, due to the gradual slowdown in trading, the stainless steel market quotation has a weakening trend, but due to the limited volume of goods in the market, the supply of goods in circulation in the market has not increased significantly, only some traders with a certain stock have made a small adjustment. For 10:30 SHFE SS2007 contract price 13335 yuan / ton, Wuxi stainless steel spot water 435-735 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)

Nickel
minutes of the internal morning meeting

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