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[minutes of SMM Morning meeting] Nickel pull up the pure nickel spot market transaction sentiment is poor stainless steel spot price is tight
Jul 13,2020 09:54CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel price judgment: short-term nickel price leading factors in the fundamental correlation is less; fundamentals, short-term negative or concentrated in the inventory trend of continuous increase in electrolytic nickel, while 300 series stainless steel production remains high to stabilize domestic primary nickel consumption, and from this week's market performance, high nickel pig iron has fallen to a short-term low, some traders have hoarding operations. In the stainless steel market, the current price can remain stable, and there is the possibility that the price will be affected by the increase in the arrival of goods in the later stage; macroscopically, overseas data are still under the influence of the epidemic but continue to improve marginally. in the general environment, overseas is still following the logic of consumer recovery, coupled with the policy support of enterprises in various countries have a certain effect, the macro-level relative preference; under the comprehensive effect, the nickel price is strong. Taking into account that there are no signs of long funds reducing their positions, although nickel prices may be adjusted appropriately within the next week, the overall momentum is still strong, with a weekly range of 110,000 yuan / ton for Shanghai nickel and 13,100 US dollars / ton for Lunni. It is expected that today's range of Shanghai Nickel 107000 won 109,000 yuan / ton, 13350 USD13650 / ton.

1. Last Friday, SMM1 Electrolytic Nickel quoted price 104700 RMB105800 per ton. In the spot market, the decline in prices has stimulated the downstream to pick up goods to a certain extent, but the transaction among traders is mixed, and Jinchuan nickel shipments are also slightly better than Russo nickel. In terms of price discount, Russo Nickel is stable, with only a small amount of Shanghai Nickel 2008 contract quoted from 450RMB to 550RMB / ton, with a low quotation of about 700RMB / ton. most traders have high holding costs and are difficult to adjust prices. the downstream is less willing to purchase. Jinchuan nickel due to ample supply and approaching the weekend, traders have a strong willingness to ship, the market down to Shanghai nickel 2008 contract up 300 to 500 yuan / ton or so. It is reported that the holders of low-cost goods have full-car shipments in the morning market, and the trading volume is OK. Jinchuan's ex-factory price in Shanghai was quoted at 106000 yuan / ton on Friday, while Gansu quoted 105550 yuan / ton, down 1000 yuan / ton from yesterday. Nickel beans to Shanghai Nickel 2008 contract quoted price of 1500 yuan / ton.

2. Last Friday, the ex-factory price of SMM high-nickel pig iron was 960mur965 yuan / nickel point (including factory tax), which was the same as the average price of the previous trading day. The sharp rise in nickel prices has driven up price sentiment among nickel iron holders, and the underpricing inquiry mentality of stainless steel factories has also weakened compared with the previous period. It is expected that there may be room for a short-term rise in ferronickel prices of 5mur10 yuan / nickel point. Next week, the operating space of high nickel pig iron may be 960Muth970 yuan / nickel point (factory tax included).

3. Last Friday, the price of cold and hot rolling of stainless steel in Wuxi was generally flat, with 304 cold rolling at 13450 Mel 13650 yuan / ton and 304 hot rolling at 12900 Mel 13000 yuan / ton. At present, the arrival volume of steel mills in Wuxi market is limited, and the supply of cold and hot rolling circulation is on the low side, so the spot price is still strong when the demand is weak. Today's transaction is general, the price is generally quoted flat for shipment. Last Friday, SHFE10 point 30 SS2009 contract price 13435 yuan / ton, Wuxi stainless steel spot water 185mur385 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

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