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[minutes of SMM Morning meeting] Nickel spot turnover is not good. Stainless steel quotations are still stable.
Jul 8,2020 09:32CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel price judgment: there is less fundamental correlation among the leading factors of the recent market; The fundamentals of nickel are weak but mostly known news, such as the increase in the supply of nickel pig iron and the pressure on stainless steel market shipments in the off-season, etc., as a whole, the short-term contradiction is not obvious; in the macro aspect, some overseas data are bright, on the major link, we can see that overseas is still following the logic of consumer recovery, coupled with the policy support of enterprises in various countries have a certain effect, the relative preference of the macro side; under the comprehensive effect, the performance range of nickel price fluctuates. After breaking upward last Friday, Shanghai Nickel continued to strengthen and explore new highs. Although high positions were under pressure yesterday, long positions did not reduce much, so Shanghai Nickel continued to fluctuate at high levels. At present, the technical indicators are still more, and it is expected to continue to explore after consolidation.

July 7th SMM1 Electrolytic Nickel quotation 106150muri 107450 yuan / ton. The spot market is still quoting for the Shanghai Nickel 2008 contract, and the early trading price hovers around 106500 Mel 106700 yuan / ton. Downstream user demand is still suppressed, market quotation is more and less, and trading volume is not good. Nickel once fell in the afternoon, but the stimulus to downstream demand is limited, so the transaction has not improved. Most of today's trading volume in the market is only 20 Murray 30 tons, trading is not as good as yesterday. 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 has been 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 of Jinchuan No. 1 nickel, as only can pick up the goods can not be transferred, the quotation rose about 500yuan / ton, traders actively quote today, but the market quotation is more and less. 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.

On July 7th, the ex-factory price of SMM high nickel pig iron is 960mur965 yuan / nickel point (including factory tax), which is the same as the average price of the previous trading day. There is no inquiry from mainstream stainless steel factories during the day, and the market price is temporarily stable. Production investigation shows that the output of nickel pig iron in June / July is still higher than that in May, and the willingness of steel mills to keep inventory is not strong. The price is quite difficult, but at present the supply of nickel ore is tight, the market price is much higher than last year's peak, the iron mill cost pressure is greater, and the room for downward pressure is also limited.

On July 7, some traders of 304 cold rolling in Wuxi area increased slightly, but the general quotation remained stable. The average coiling price of stainless steel 304 cold rolling was 13400 million yuan / ton, while 304 hot rolling was leveled today, with a range of 12900Mel 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 of some specifications has been supplemented, and the price of some specifications with good demand is 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)

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