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[today's Nickel Market] Nickel pullback attracts downstream enquiries about the narrowing of Russo Nickel discount and the transaction is still better than Jinchuan Nickel.
Jul 23,2020 14:47CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel ore, nickel pig iron, nickel sulfate

Nickel spot: July 23rd: today SMM1 Electrolytic Nickel quotation 104500Mel 105600 yuan / ton. The spot is still quoted for the 08 contract, due to the narrowing of the monthly spread and the replacement of the hedging plate may be postponed to next week, today's nickel price center of gravity hovers at 105000 yuan / ton, nickel prices fall back to stimulate downstream inquiry procurement, the market trading atmosphere has warmed up. Today, there are more traders collecting Russian nickel in the market, and some holders are also reluctant to wait and see, so the Russian nickel discount has narrowed to-400 yuan / ton to-300 yuan / ton. Downstream to pick up the goods, traders actively move goods, the morning market deal is OK. Jinchuan nickel liter water concentrated in the rise of about 500 yuan / ton, the supply of low-cost goods is less. The ex-factory price of Jinchuan Company is 105500 yuan / ton, which is not much different from the market price, and there is only a small amount of goods in Shanghai. At present, the turnover of Jinchuan nickel is not as good as that of Russo nickel. Russo Nickel today quoted a discount of about 1200 RMB1100 per ton.

[ex-factory price of Jinchuan Company] on July 23, Jinchuan Electrolytic Nickel (large Board) was quoted at 105500 yuan / ton in Shanghai and 105050 yuan / ton in Jinchang, 1800 yuan / ton lower than yesterday.

On July 22nd, the ex-factory price of SMM high-nickel pig iron is 960mur970 yuan / nickel spot (including factory tax), which is the same as the average price of the previous trading day. Today, the high nickel pig iron market is full of mainstream enquiries from rust steel mills, and the market price is operating steadily. The recent trend of market fluctuation with the rise and fall of pure nickel is very small. Although the willingness of the bidder to raise the price is strong, the acceptance of the lower reaches is still low, and the price is difficult.

Stainless steel, ferrochromium

[Wuxi stainless steel afternoon review] Today, spot prices of stainless steel in Wuxi are generally stable. The price range of 304 cold rolling coil is 13500 RMB13700 / ton, and that of 304 hot rolling is 13000Mel 13100 yuan / ton, both of which are the same as yesterday. This week stainless steel spot market price trend is stable, the transaction atmosphere is OK, the demand performance is more stable. Futures contract prices strengthened for three days in a row, today fell back, but the spot market price performance is more stable, so the spot price spread is wider than yesterday. Today, SHFE10 point 30 SS2009 contract price is 13380 yuan / ton, Wuxi stainless steel spot water 290tel 490 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

[Foshan stainless steel afternoon review] downstream demand off-season, each series of steel prices are supported by market guidance prices temporarily stable operation in a short period of time, in addition, according to the terminal purchasers reported that although orders at home and abroad in the third quarter increased slightly, but the cost of production has not decreased, so the procurement of steel is mainly low prices, so the actual transaction of 300 series cold and hot rolling still has room for a small profit of 50 RMB100 / ton. Foshan area steel quotation, the state-owned 304Universe 2B trimming curling price than yesterday's average price stable at 14,200 million / ton, private 304Universe 2B rough edge curl than yesterday's average price stable at 13450 NO. 13650 yuan / ton, 304 / NO. 1 five-foot quotation is unchanged at 12950 arm 13150 yuan / ton, to 10:30 SHFE SS2009 contract selling price 13380 yuan / ton, Foshan stainless steel spot water 240,440 yuan / ton. (spot trimming = rough edge + 170).

On July 22, with the increase in the return of Qingshan billet in July, and the recent profit of long wood is lower than that of plate, it is expected that the domestic billet production will be converted to plate. The estimated conversion volume is about 60,000 tons per month. This will lead to an increase in plate production.

[SMM steel mill guidance price] on July 23rd, the spot daily guidance price of Wuxi Taiyuan Iron and Steel Co., Ltd. is the same as yesterday. "check the details.

On July 23, under the influence of the decline in the futures price of mainstream chromite in South Africa, the low quotation of chromite has greatly increased today. The mainstream quotation in the north is about 5800 won 5850 yuan / 50 base ton, and the quotation of individual manufacturers is still around 6000 yuan / 50 base ton. The quotation of 42% chromium concentrate in South Africa is all around 28 yuan / tonnage, and the actual transaction has reached 27 yuan / tonnage. There is basically no storm at the supply end of the chrome mine in the future, and the decline in overseas quotations for chromium ore is also reasonable. It is inevitable that the price of ferrochrome will fall because of the falling cost in the future, but the demand for domestic ferrochromium supports the profits of the iron mill.

[SMM pure nickel domestic stock increased by 2555 tons to 45335 tons compared with last Friday]

According to SMM, as of Friday, the social inventory of), SMM pure nickel was about 45300 tons, an increase of 2555 tons from last Friday. This week, the inventory of the previous period increased by 2348 tons to 31843 tons, with some new imports and spot warehouse sources to be shipped to the delivery depot, and warehouse receipts will be made one after another. Hidden inventory in East China increased by 197t to 13005 t. This week, some electrolytic nickel was stored at Gansu smelter and Jilin smelter in Shanghai, so this week's hidden inventory in East China increased by 197t compared with last week. Guangdong Southern Reserve inventory increased to 290 tons. To sum up, pure nickel weakened this week, superimposed imports and domestic nickel plate arrival, domestic social inventory increased by 5.97%, the third consecutive week of base warehouse.

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