Metals News
[SMM Weekly report selected] after the resumption of shipment of nickel ore, the price increase in the market is in line with expectations.
translation
08:51AM
May 23,2020
Source:SMM
The content below was translated by Tencent automatically for reference.

"SMM Nickel Industry chain Weekly report" is released. SMM will select hot topics, prices, quotations or major changes in the industry chain and release information for your reference.

The following is an excerpt from the weekly report of the SMM nickel industry chain:

Nickel prices rose first and then suppressed this week, mainly reflecting market participants' good expectations of recovery after the epidemic, with bulls actively buying, while on Friday, excluding the flash of a suspected "own" in Thursday night trading, the entire metal market was still overshadowed by a bearish atmosphere. The Chinese government's work report released on Friday made no mention of the 2020 GDP growth target, causing market concern and a widespread decline in metals. Pinning hopes on further domestic economic stimulus and the recovery of the overseas epidemic, and at present, there seems to be a lack of bright positive policies, and the only expectation of tax cuts is also a slightly negative message on prices; a wave of small bull market in the context of the "two sessions" has basically come to an end, and is expected to continue wide shocks in the face of a standoff in stainless steel-ferronickel fundamentals, light spot trading of nickel and signs of burdening stocks.

China's total nickel mine imports in April were 1.3591 million tons, down 87100 tons from March, 6 per cent lower than the previous month, and 70.2 per cent lower than a year earlier. Imports from the Philippines were 1.088 million tons, up 11.6% from the previous month and down 54.8% from the same period last year. Imports fell significantly in April from a year earlier, and nickel mine exports gradually recovered in May. Total imports are expected to be about 2.2 million nickel tons, up 63% from the previous month and down 35% from the same period last year. The physical import volume may return to constant in June, but due to the obvious decline in the average grade of nickel ore, the imported metal volume may still decline compared with the same period last year.

As of Friday, nickel mine inventories at all ports across the country were down 100000 wet tons from last week to 8.15 million wet tons, with a total metal volume of 66800 tons, a decrease of 800 nickel tons from May 8. Among them, the inventory of nickel mines in the country's seven major ports is 7 million tons, which is 70, 000 tons less than that on May 15. Inventories fell for 15 consecutive weeks, and the situation may ease in June.

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Catalogue of "SMM Nickel Industry chain Weekly report" in this issue

Main points of this issue's weekly report

Nickel ore: after the resumption of shipment of nickel ore, the price increase in the market is in line with expectations.

Nickel pig iron: nickel pig iron 1000 yuan mark market peaked in the short term or will face the risk of a slight decline

Imported ferronickel: 40200 tons of imported ferronickel from China returned to normal level in April compared with the high level in March.

Stainless steel: the demand for stainless steel is weak, the transaction is light, and then face the risk of decline.

Nickel Sulfate: Australian Restoration Project Resources enter China except for waste at present, the economy of wet intermediate products is dominant.

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[China Nickel Industry chain High-end report] China Nickel Industry chain monthly report includes macro interpretation, monthly review of nickel price, interpretation of hot events and future forecasts in various sections of the nickel industry chain (nickel ore, electrolytic nickel, nickel pig iron, stainless steel, ferrochromium). And release monthly relevant enterprise operating rate and inventory survey and other data, covering the entire nickel industry chain.

[China Nickel Industry chain routine report] China Nickel Industry chain Weekly report includes macro interpretation, weekly review of nickel price, market trends of various sections of nickel industry chain (electrolytic nickel, nickel pig iron, stainless steel, ferrochromium), weekly social inventory, future forecast, comprehensive interpretation of the nickel market in the week.

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