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[minutes of SMM Morning meeting] Nickel pig iron inquiry has gone down and the price of stainless steel has not yet increased slightly.
Jul 1,2020 09:51CST
The content below was translated by Tencent automatically for reference.

Judgment of nickel price: with the arrival of the off-season downstream of stainless steel from July to August, domestic demand is poor and lack of obvious benefits, and the industry is generally pessimistic about the late market, but in the short term, nickel price is still dominated by macro sentiment and technical aspects, showing a concussive trend. Macroscopically, with the policy support and input of various countries, the performance of many economic data can be or marginal improved. The potential negative side is mainly worried about the second resurgence of the epidemic and geopolitical factors. The fundamentals are slightly negative but mostly expected events, the short-term market guidance is not prominent, stainless steel profits are poor and the late supply of Indonesian nickel pig iron continues to increase, under the influence of this recent nickel pig iron market shows a slight weakening trend, the lower support is mainly maintained by high-priced nickel mines. Nickel spot trading is still poor, Jinchuan nickel rising water improvement is related to the arrival rhythm of manufacturers, it is expected that the short-term discount will also remain low.

1, June 30th SMM1 Electrolytic Nickel quotation 102200Mel 103700 yuan / ton, nickel futures around the 20-day moving average narrow shock adjustment, as today is the last trading day in June, many enterprises mid-year accounts, so the spot market performance is relatively light, trading volume is not as good as yesterday. In terms of discount, Russo Nickel has a contract with Shanghai Nickel 2008 with a price tag of 500 RMB400 / ton. As the import window continues to close, most of the first-hand imports have been transferred, so there are few low-price quotations in the market, so the Russo nickel discount has narrowed. Jinchuan Nickel to Shanghai Nickel 2008 contract quoted rising water 800mur900 yuan / ton. As many traders began to receive goods from Gansu after the festival, and many supplies are still in transit, the spot in Shanghai is tight, and Jinchuan nickel water has been raised immediately. There is a certain circulation between intra-day traders, and more wait-and-see in the lower reaches. The ex-factory price of Jinchuan Company is 103500 yuan / ton in Shanghai and 103050 yuan / ton in Gansu. Morning traders have an appropriate amount of goods in Gansu. Nickel beans to Shanghai Nickel 2008 contract quotation at a discount of 1400 won 1300 yuan / ton, it is reported that there is no deal today.

2. On June 30th, the ex-factory price of SMM high nickel pig iron is 960 won 965 yuan per nickel point (including factory tax), which is the same as the average price of the previous trading day. Today, there is no mainstream steel factory quotation inquiry, steel factory mentality with last weekend market 960 yuan / nickel point (including factory tax) price reported lower, a steel factory in eastern China with an inquiry price of 960 yuan / nickel point (including factory tax), has not yet known the deal, the price holder acceptance is limited, the willingness to ship is poor, the seller's psychology is mostly concentrated in 970,980 yuan / nickel point (including factory tax).

3. On June 30, the spot price of stainless steel in Wuxi increased slightly, with 304 cold rolling at 13300 Mel 13500 yuan / ton, with an average price increase of 50 yuan / ton, while the hot rolling newspaper range was 12850 Mir 12950 yuan / ton, with an average price increase of 50 yuan / ton. According to feedback from traders, on the one hand, the spot price in the market has adjusted slightly due to the impact of the increase of 100 yuan / ton in the newly opened futures price yesterday; on the other hand, there are not many spot resources in the market at present, and there is also a willingness to push up the price according to the situation of the market. The futures contract price of the previous futures exchange fluctuated around 13100 yuan / ton, and the near-date current price spread remained stable at around 300mur500 yuan / ton. Today, the SS2008 contract price is 13120 yuan / ton at 10: 30 SHFE, and the spot water of Wuxi stainless steel is 350 RMB550 / ton. (spot trimming = rough edge + 170 yuan / ton)

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