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[today's Nickel Market] Nickel futures continued high volatility spot market reported more followed by less Jinchuan downgrade
Jul 7,2020 13:50CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel ore, nickel pig iron, nickel sulfate

Nickel spot: July 7: today SMM1 Electrolytic Nickel quotation 106150Mel 107450 yuan / ton. Today, the spot market is still quoted for the Shanghai Nickel 2008 contract, and the early trading price hovers at 106500 Mel 106700 yuan / ton. The demand of downstream users is still restrained, the market reports are more and less, and the trading volume is not good. Russo Nickel to Shanghai Nickel 2008 contract quoted 500 to 400 yuan / ton, the same as yesterday, due to the approaching delivery, the market is almost no low-price warehouse receipts, a small amount of spot transaction price in 450 murals 500 yuan / ton. Jinchuan Nickel to Shanghai Nickel 2008 contract reported a rise of 500mur700 yuan / ton, Jinchuan Nickel supply tight situation alleviated, overreported in the market in the Shanghai Nickel 2008 contract rose about 600yuan / ton, but the market still has a small number of delivery warehouse Jinchuan No. 1 nickel, as only delivery can not transfer ownership, quotation rose about 500yuan / ton, morning traders actively quote, but the market will to receive goods is limited. Today, Jinchuan company's ex-factory price in Shanghai is 107000 yuan / ton, and Gansu is 106550 yuan / ton, which is the same as yesterday. It is reported that manufacturers will arrive one after another in the near future. Today, nickel beans quoted 1500 yuan / ton for Shanghai Nickel 2008 contract, a reduction of 100 yuan / ton, the same light trading.

[ex-factory price of Jinchuan Company] Jinchuan Electrolytic Nickel (big board) quoted price of 107000 yuan / ton in Shanghai, 108200 yuan / ton in barreled small pieces, and 106550 yuan / ton in Jinchang, which was the same as yesterday.

The ex-factory price of SMM high nickel pig iron is 960mur965 yuan / nickel spot (including factory tax), which is the same as the average price of the previous trading day. Today, a large stainless steel factory in South China has a high nickel pig iron transaction price of 965 yuan / nickel point (port price, excluding freight), with a turnover of 10,000 tons, which is Indonesian iron. Nickel prices rose sharply today, Nickel Iron and Steel did not show any upward momentum, and the transaction price was basically the same as last week. And market feedback, prices still have downside risks, under the premise of adequate supply, nickel prices are difficult to support the strength of nickel prices.

On July 6, Shanghai nickel rose last Friday, and some nickel sulfate factories chose to wait and see and not quote for the time being; some nickel sulfate factories were still willing to ship goods, and the average price of battery-grade nickel sulfate was raised by 100 yuan per ton last Friday. Shanghai nickel continued to rise on Monday, breaking through 107000 yuan / ton, but the fundamentals are still weak, and the spot market demand for nickel sulfate has not improved. Considering the cost problem, the average price of battery grade nickel sulfate is increased by 300 yuan / ton, and the average price of electroplating grade nickel sulfate is increased by 500 yuan / ton.

Stainless steel, ferrochromium

[Wuxi stainless steel afternoon review] Today, some traders of 304 cold rolling in Wuxi area increased slightly, but the quotations generally remained stable. The average coiling price of stainless steel 304 cold rolling was 13400 won 13600 yuan / ton, while 304 hot rolling was leveled today, the range is 12900 13000 yuan / ton. Due to the heavy rain yesterday, the shipment was not smooth. Today, according to traders, the performance of the market is mediocre, and some of the price increases are also stimulated by the rise in nickel prices. And at present, the supply specifications are more complete, and the thickness prices of some specifications with good demand are relatively strong. This morning, the price of stainless steel futures contract rose, reaching the 13500 yuan / ton mark, and the current spread narrowed to less than 100 yuan / ton. Then, after 10:30, the price of the stainless steel futures contract gave up the increase and returned to around 13400 yuan / ton. SHFE10 point 30 SS2009 contract price 13525 yuan / ton, Wuxi stainless steel spot water 45mur245 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

[Foshan stainless steel afternoon review] Today, the spot price of 300 series cold and hot rolled steel in Foshan affected by the futures increase slightly increased by 50 Rue 100 yuan / ton, of which Dongte 304 hot rolling price rose to about 13000 yuan / ton. However, according to traders, the transaction performance did not increase significantly at the beginning of the week, and the steel prices of each series basically maintained a stable operation. Foshan area steel quotation, the state-owned 304Universe 2B trimming curling price than yesterday's average price steadily quoted at 14,100 million / ton, private 304Universe 2B rough edge curl than yesterday's average price increased by 100 yuan / ton at 13400 NO. 13,600 yuan / ton, 304 / NO. 1 five-foot quotation increased by 100 yuan / ton at 12850,13050 yuan / ton, to 10:30 SHFE SS2008 contract selling price of 13525 yuan / ton, Foshan stainless steel spot water 45,245 yuan / ton. (spot trimming = rough edge + 170).

On July 7, the market price of today's high-carbon ferrochromium is basically unchanged compared with yesterday, except for the reduction of high quotations from individual manufacturers in the southern region. Upstream South African chrome ore market prices have a low outflow, South Africa 40Mel 42% chromium concentrate quotation 29.5 yuan / tonnage, down 0.5 yuan / tonnage compared with yesterday, while the current outer disk quotation is still high, some chromium ore traders said that the cost is high, do not want to ship at low prices, individual traders do not quote for the time being, ferrochrome industry chain transactions slightly stalemate.

[SMM pure nickel domestic stock decreased by 468t compared with last Wednesday]

According to SMM,), SMM's social inventory of pure nickel stood at 42300 tons as of Friday, down 468 tons from last Wednesday. Inventories in the previous period of the week increased by 431 tons to 29422 tons, with the increase still coming from delivery depots in the Shanghai area. Due to poor trading in the spot market, the holder is still willing to deliver positions, while some Russian nickel will arrive in Hong Kong in the near future, which will also be used for delivery in the later stage. In terms of recessive inventory in East China, there are nearly 500 tons of nickel beans in storage this week, and the current inventory of nickel beans is about 3900 tons; on the other hand, after part of the nickel plate inventory is shipped to the delivery warehouse, after superimposing some downstream users at the beginning of the week to pick up the goods, the nickel plate inventory has dropped sharply during the week, so the overall hidden inventory in East China has dropped by 849 tons to 12622 tons. Guangdong Southern Reserve stocks fell 50 tons to 250 tons this week.

On July 3, the inventory of nickel mines in all ports across the country increased by 85000 wet tons to 8.078 million wet tons compared with the previous week, with a total metal volume of 65500 tons, an increase of 500 nickel tons over June 24. Among them, the inventory of nickel mines in the country's seven major ports was 6.9 million tons, 50, 000 tons less than on June 24.

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