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[today's Nickel Market] the spot trading atmosphere of Shanghai Nickel fluctuates widely around the 100,000 pass is still cold.
May 29,2020 14:30CST
The content below was translated by Tencent automatically for reference.

The trend of SMM Nickel Market on May 29th

Electrolytic nickel and nickel pig iron

Nickel spot: SMM May 29th: today's SMM1 Electrolytic Nickel quotation 100100lle 101400 yuan / ton. After the opening of Shanghai Nickel Morning Market, it bottomed below 100000, rose 101000 yuan / ton in intraday trading, and then fell back. In the spot market, trading is still deserted, and monthly tickets are generally quoted by traders in the city. Russo Nickel to Shanghai Nickel 2007 contract offer 250mur200 yuan / ton, the holder has different willingness to ship, although there are some heavily discounted low-price supply in the market, but it is reported that the transaction is still limited. Although recent shipments are not good, mainstream traders are still reporting more than 200 yuan per ton, waiting for demand to pick up. Jinchuan nickel, due to a small supply of goods, rising water is still strong, the Shanghai nickel 2007 contract quoted rising water 1100mur1200 yuan / ton. The ex-factory price of Jinchuan was quoted at 101600 yuan / ton today. Due to the continuous decline in Shanghai Nickel morning trading, the volume of goods received by traders is expected to be limited. The nickel bean discount is stable, and the sticker is still 1100mur1000 yuan / ton.

[ex-factory price of Jinchuan Company] SMM May 29: Jinchuan Electrolytic Nickel (big board) quoted price of 101600 yuan / ton in Shanghai, 102800 yuan / ton in barreled small pieces, and 101150 yuan / ton in Jinchang, up 300 yuan / ton compared with yesterday.

[SMM bonded area pure nickel inventory is unchanged from last week, still 15400 tons] SMM May 29: according to SMM, as of Friday, Shanghai bonded area pure nickel inventory 15400 tons, nickel beans 1700 tons, the same as last week. The higher exchange rate this week and the expansion of the discount on the superimposed domestic spot market have led to a deterioration in the price of imports and little trading in foreign trade in the bonded areas. At the same time, the original nickel beans from overseas to Hong Kong are reported to have entered the domestic warehouse directly.

SMM5 March 28th: a stainless steel factory in East China made an inquiry for high nickel pig iron today at 980 yuan / nickel point (including tax at the factory). The transaction is not known yet. The factory's last inquiry 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.

SMM5 March 28: a nickel-iron plant in Inner Mongolia recently stopped production of a 33000KVA submerged arc furnace, which is expected to affect the output of 4000 tons of high-nickel pig iron. According to the manufacturer, the furnace will be converted to ferrochromium production in the follow-up, and it is expected to take 10 months to put into production.

SMM May 28, according to SMM research understanding, this month battery-grade nickel sulfate downstream demand is weak. Most nickel sulfate plants and precursor enterprises are still pessimistic about the downstream demand in June and July, and a nickel sulfate plant that stopped production at the end of April has no plans to resume production.

Stainless steel, ferrochromium

[Wuxi stainless steel afternoon review] SMM May 29th: today, the spot quotation of stainless steel in Wuxi continued to weaken and downgrade. The price range of 304amp 2B rough edge curling price was 13300lb 13600 yuan / ton, with an average price reduction of 50 yuan / ton. 304 / NO.1 quoted 12900Mel 13100 yuan / ton, and the average price was reduced by 50 yuan / ton. The recent transaction is weak, and near the end of the month, hot and cold rolling prices continue to decline. At present, the price of cold rolling in the spot market is generally quoted at the base price of 13000 yuan / tonne. Some traders said that if trading in electronic disk, there can be a reduction in price to give a profit, and there is still a deal of 12900 yuan per ton. With regard to the current transaction form, some operators said that there may still be a trend of decline in transaction volume in June. For 10:30 SHFE SS2008 contract price is 13010 yuan / ton, Wuxi stainless steel spot water is 460 RMB760 / ton. (spot trimming = rough edge + 170 yuan / ton)

[Foshan stainless steel afternoon review] SMM May 29: Friday, the overall stable steel prices of all series once again appeared a small yield transaction, the decline basically fell at 50 won 100 yuan / ton, and heard that the market operators said that the mentality of steel mills was slightly looser, and most traders reflected that low prices might become the norm, so it is expected that the short-term stainless steel market price will continue to run in a weak and stable trend. Foshan area steel quotation, the state-owned 304Universe 2B trimming curling price than yesterday's average price held steady at 14,100 million 14,300 yuan / ton, private 304Universe 2B rough edge curl than yesterday's average price reduced by 50 yuan / ton in 13200 NO. 13500 yuan / ton, 304 / NO. 1 five-foot quotation than yesterday's average price held steady at 12950 price 13150 yuan / ton, to 10:30 SHFE SS2008 contract selling price 13010 yuan / ton, Foshan stainless steel spot water 360,660 yuan / ton. (spot trimming = rough edge + 170).

[SMM Steel Plant guidance Price] SMM May 29: the spot daily guidance price of Wuxi Taiyuan Iron and Steel Co., Ltd. is 100 yuan / ton lower than that of yesterday.

SMM5 March 29: today, the price of high-carbon ferrochromium continues to remain stable. The mainstream price of high-carbon ferrochromium in Inner Mongolia is 6200mur6350 yuan / 50 base tons, the northwest region is 6350Muth6450 yuan / 50 base tons, and Sichuan 6450Muth6600 yuan / 50 base tons. Today, Baosteel Desheng June 2020 high-carbon ferrochromium procurement price announced 6400 yuan / 50 base tons (including tax to the factory price), like Castle Peak, the tender price rose 500 yuan / 50 base tons month-on-month, the four mainstream stainless steel moves have been out of two, the overall market price tone can be basically determined, short-term chromite and chromite quotations are more likely to remain stable, but the future still need traders retail procurement atmosphere to consolidate ferrochrome further price trend.

[steel Trends-High-carbon ferrochromium] the purchase price of high-carbon ferrochromium in Desheng of Baosteel in June 2020 is 6400 yuan / 50 base tons (including tax to factory price), up 500 yuan / 50 base tons compared with the last offer price.

The inventory of pure nickel in SMM bonded area decreased by 1500 tons compared with last week.

[SMM pure nickel social inventory increased by 1072 tons to 39028 tons compared with last Friday] according to SMM, as of Friday, the inventory of the previous period fell 688 tons to 26799 tons from last week, all of which came from Shanghai delivery depots. Hidden inventory in East China increased by 1793 tons to 11622 tons compared with last week, of which the inventory of nickel beans increased by 500 tons to 2200 tons. It is reported that the amount of nickel in and out of the spot warehouse is relatively large, with about 2-3 kilotons of Russian nickel in storage. Guangdong Southern Reserve stocks, mostly electroplating grade nickel, fell from 640 tons to 607 tons this week. To sum up, while the inventory in the bonded area decreased, the domestic social inventory increased by 1072 tons to 39028 tons.

Nickel Research Group of Nonferrous Metals Department

Liu Yuqiao: + 86 Murray 21 Mutual 51666804 / liuyuqiao@smm.cn

Li Chuntian: + 86 Murray 21 Murray 51666817 / springli@smm.cn

Zhang Lingying: + 86 Murray 21 Mutual 51666901 / zhanglingying@smm.cn

Zhao Ming: + 86 Mui 21Mui 516666780 / tylerzhao@smm.cn

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