[2020.7.17 Nickel Internal Morning meeting Summary] Nickel pullback spot transaction will improve the stalemate game in the high nickel pig iron market to a certain extent.

Nickel price judgment: the recent market is greatly affected by the capital side, although there was a sharp correction in metal prices affected by the stock market yesterday, but still maintained more gains since last week, metal prices are still in a strong state under financial stimulus. Due to the lack of positive fundamentals, the room for nickel to continue to rise is limited, and the torrential rain in Sulawesi, Indonesia, does not seem to have a great impact on the smelter at present, but the recent bull market stimulated by capital needs to be cautious and bearish. It is expected that today's Shanghai nickel will fluctuate mainly around the 10-day moving average of 107000 yuan / ton.

1. July 16th SMM1 Electrolytic Nickel quotation 106050 / ton 107050 / ton. Today, the trading price of nickel in Shanghai gradually fell back to 106000 yuan / ton in the morning market, with mixed transactions in the morning market. Jinchuan nickel was still more traded, and prices continued to fall in the afternoon, stimulating terminal steel mills to enter the market for purchase, and some traders recorded good transactions. In terms of price quotation, Russo Nickel to Shanghai Nickel 2008 contract is quoted from 500 to 600 yuan / ton. Jinchuan Nickel to Shanghai Nickel 2008 contract rose 200 yuan / ton to 350 yuan / ton, the market supply is relatively abundant, traders low-rise Jinchuan nickel shipments are OK. The ex-factory price of Jinchuan Company is 106700 yuan / ton. after the price has fallen, the willingness of traders to receive goods has gradually weakened, and it is expected that the supply of low-priced goods will be reduced in the future. Nickel beans to Shanghai Nickel 2008 contract is still quoted at 1500 yuan / ton, there are also certain shipments today.

2. On July 16th, 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. It was rumored in the market yesterday that the transaction price of high-nickel pig iron in a large stainless steel factory in the south was 980mur985 yuan / nickel point (including tax to the factory). The price was actually quoted by the holder, and the intended price of the buyer was still 960ft 970 yuan / nickel point, and the two sides did not reach a deal. At present, stainless steel factories with sufficient inventory have a weak purchasing mentality and low acceptance for the rise in the price of high nickel pig iron. The willingness of the ironworks to raise the price has not been loosened for the time being, there is a stalemate between the two sides, and there is no inquiry from mainstream steel mills In addition, some iron factories have long Association orders and pre-bulk orders to be delivered, and the stock of raw materials is tight, the existing raw material prices are high, and there is no rush to ship. Buyers and sellers are in the stage of price game, but at present, the buyer is still strong.

3. On July 16, the price of stainless steel cold rolling in Wuxi was generally leveled. The coiling price range was 13550 Mel 13750 yuan / ton, and some traders in 304 hot rolling had a high price callback. Today it was quoted at 13000 Mill 13100 yuan / ton, and the average price was slightly reduced by 50 yuan / ton. Normal price adjustment range. The performance of the stainless steel market is general, the market trading is light, the price is mainly flat, and some merchants adjust the price slightly according to their own inventory and shipping willingness due to the reduction of futures prices. Today, the stainless steel futures contract is still at a slight discount to the spot price, SHFE10 point 30 SS2009 contract price 13440 yuan / ton, Wuxi stainless steel spot price 280mur480 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)