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[summary of SMM Morning meeting] Nickel spot demand is not good and there is no improvement in the stainless steel market. The trading atmosphere is light.
May 29,2020 10:00CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel price judgment: the downstream demand affected by the overseas epidemic has not yet recovered due to the increase of pure nickel import supply, the weakness of nickel spot consumption under the mismatch between supply and demand is gradually exposed, and the spot rising water performance is weak. The current situation of nickel pig iron is relatively anxious, although the supply and demand is basically within a reasonable range, but the procurement strategy of large factories has an obvious impact on the short-term market, on the whole, the short-term factors have the upper hand, or show a slightly weak shock trend.

May 28th SMM1 Electrolytic Nickel quotation 100300 RMB101700 / ton. Shanghai nickel night trading lower, after opening in the morning back to more than 100,000 concussion, the spot market morning turnover is few, more light in the afternoon. According to traders, the poor trading atmosphere is not due to the price, but more because of the weak downstream demand. In terms of discount, Russo Nickel's contract with Shanghai Nickel 2007 is quoted at 250fu 150 yuan / ton, and the inquiry situation is not as good as that of the day before yesterday, so today's shipments from low-price sources in the market are also not satisfactory. Jinchuan Nickel to Shanghai Nickel 2007 contract rose 1100murl 1200 yuan / ton, held firm during the week. Jinchuan ex-factory price is the same as the previous trading day, still 101300 yuan / ton, long Association traders have a certain degree of delivery in Gansu. Nickel beans to Shanghai Nickel 2007 contract sticker 1100-paste 1000 yuan / ton, there is no improvement in demand for nickel beans almost no deal.

2. The ex-factory price of SMM high nickel pig iron is 970Mel 990 yuan / ton (including factory tax). In the afternoon, it is frequently reported that the inquiry price of stainless steel factory in the market of high nickel pig iron is 980 yuan / nickel point (including factory tax). The last inquiry of the factory was in the middle of last month, which was 60 yuan / nickel point higher than that of other steel mills last week, but the inquiry price was lower than that of other steel mills last week, the last inquiry price of the factory was in the middle of last month, which was 60 yuan / nickel point higher than the last inquiry price, but lower than that of other steel mills last week. A stainless steel factory in South China also opened a tender for high nickel pig iron on Thursday. The procurement form is different from the direct inquiry method of other steel mills. It adopts the form of bidding, and the final transaction price has not been determined yet. In addition, it is rumored in the market that the inquiry price of high nickel pig iron in a large stainless steel factory in the south on Thursday was 960 won 970 yuan / nickel point (including tax to the factory). After the market was silent for nearly a week, the steel mill resumed purchasing, but from the point of view of the steel mill's quotation mentality, at present, the price continues to be flat, and the quotation has been significantly lowered. According to market research, mainly because the nickel price has been greatly reduced, and the stainless steel market price is weak, the profit space has narrowed. The room for extrusion of raw materials is reduced, the acceptance of high-priced raw materials in steel mills is reduced, and the quotation is weak. However, at present, the inventory of high-nickel pig iron market is gradually decreasing, and the price of nickel ore is rising, which also gives Ferro-nickel a certain price support. it is expected that the price of ferronickel may be slightly reduced in the short term, but there is still support.

3. On May 28th, the spot quotation of stainless steel in Wuxi area was lowered again, the price range of 304x2B rough edge curling price was 13400won 13600 yuan / ton, the average price was reduced by 50 yuan / ton; 304 NO.1 was quoted at 12950mo 13150 yuan / ton, the average price was reduced by 100 yuan / ton. According to the survey, recently, the downstream demand is weak, the transaction is weak, and the price reduction stimulates taking the goods. Some traders said that March-April is the recent peak of trading, and the trading volume in May is generally lower than that in April, and due to the weak attitude towards late demand in the seasonal off-season, it is expected that there will be a big improvement in subsequent transactions. Yes, at 10:30, the SHFE SS2007 contract price is 13110 yuan.

Nickel
minutes of the internal morning meeting

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