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[today's Nickel Market] Nickel soaring spot market is not good enough to maintain a stable supply of nickel beans in the spot market.
Jul 30,2020 14:17CST
The content below was translated by Tencent automatically for reference.

Nickel ore, nickel pig iron, nickel sulfate

Nickel spot: today's SMM1 Electrolytic Nickel report 110800-111700 yuan / ton, early this morning, the Federal Reserve announced to maintain the benchmark interest rate, the continuation of monetary easing policy, funds continued to push up nickel prices this morning, the center of gravity returned to the highest point at the beginning of the week, while the spot market atmosphere remains light. Russo Nickel to Shanghai Nickel 09 contract quotation is still at a discount of 300 yuan / ton, and there is no circulation among traders. Today, there are not only few goods downstream, but also few replacements among traders. Jinchuan Nickel to Shanghai Nickel 2009 contract rose 200,300 yuan / ton, only a low supply of water in the morning market with few transactions. The ex-factory price of Jinchuan Company is quoted at 111800 yuan / ton, and the smelter is willing to ship goods, and the ex-factory price is smaller than that of the current period. And a small amount of goods arrived in Shanghai, which sold out soon after the manufacturer offered the price. Nickel beans due to the scarcity of supply, inquiry traders are also difficult to receive goods, is still in a weak pattern of supply and demand, it is expected that the discount will gradually narrow to within 1000 yuan. The impact of field-rise discount is relatively small. It is expected that the spot discount will remain stable in the future, waiting for the nickel price correction or rigid demand customers to enter the market to pick up the goods.

[ex-factory price of Jinchuan Company] on July 30th, Jinchuan Electrolytic Nickel (large Board) was quoted at 111800 yuan / ton in Shanghai and 111350 yuan / ton in Jinchang, an increase of 1500 yuan / ton compared with yesterday.

On July 29th, the ex-factory price of SMM high nickel pig iron is 960,970RMB / nickel point (including factory tax), which is the same as the settlement price of the previous trading day. The purchase price of stainless steel factory has an upward trend, although there is more pure nickel lagging behind, and the price is difficult to rise, but it appears at the beginning of the rise, supported by raw materials and pure nickel, and driven by downstream rigid demand procurement, it is expected that there is room for high nickel pig iron prices to rise slightly.

Stainless steel, ferrochromium

[Wuxi stainless steel afternoon review] Today, the spot cold and hot rolling price of stainless steel in Wuxi was generally raised, with a range of 13750-13850 yuan / ton, with an average price increase of 50 / ton, and 304hot rolling slightly increased by 100 yuan / ton to 13250-13350 yuan / ton. The big factory cut the edge at 14150-14350 yuan / ton, and the average price increased by 150 yuan / ton. Today, the rise in the contract price of stainless steel and nickel futures has a certain boost to the spot price, and the spot supply is less, and the increment at the end of the month is not obvious, so the price is stronger and higher. In early trading today, the SS2009 contract explored 13900 yuan / ton first line, except for some spot high price quotation 100 yuan / ton, the current price difference is basically flat. For SHFE10 point 30 SS2009 contract price is 13915 yuan / ton, Wuxi stainless steel spot water is 5-105 yuan / ton. (spot trimming = rough edge + 170 yuan / ton)

[Foshan stainless steel afternoon review] Today, the steel prices of all series in Foshan remain stable compared with yesterday, and the trading prices of major steel mills have not been opened yet, and some of the specifications in the market are weak at the end of the month, so there is little room for adjustment in the short term. although there are many rising futures prices today, but most merchants arrange stable prices or small profit shipments. Foshan area steel quotation, the state-owned 304Universe 2B trimming curling price than yesterday's average price maintained stable at 14300-14500 yuan / ton, private 304Universe 2B rough edge roll than yesterday's average price maintained stable at 13600-13800 yuan / ton, 304 / NO. 1 five-foot quotation than yesterday's average price stable at 13150-13350 yuan / ton, to 10:30 SHFE SS2009 contract selling price 13915 yuan / ton, Foshan stainless steel spot discount 145-litre 55 yuan / ton. (spot trimming = rough edge + 170).

On July 29th, it is reported that Sichuan Yuanda Juhua Group has three high chromium projects under construction in Inner Mongolia recently, the largest of which is located in the west park of Fengzhen High-tech Fluorochemical Industrial Park, with 8 42000KVA ore reheating furnaces planned and fully closed production mode. The project is expected to build two high-carbon ferrochromium production lines this year, and another 2-3 high-chromium production lines in 2021. Each 42000KVA mine reheating furnace produces about 7800 tons of high-chromium per month. When the project is fully completed, it will achieve a high-chromium production capacity of 750000 tons per year. Another project is a mine furnace in the cooperation project of high carbon ferrochromium between Sichuan Yuanda Juhua Group and Fengzhen Tongsheng Alloy Co., Ltd. (phase II project), which has been completed and is expected to be put into production in September. The remaining submerged arc furnace, located in Zhuozi County, Inner Mongolia, will also be put into production in September.

[SMM six social stocks of pure nickel decreased by 303 tons compared with last Friday]

According to SMM, as of Friday, SMM's total pure nickel inventory was 47046 tons, down 303 tons from last Friday. This week, the overall inventory of the six places in the country offset each other, of which the spot transaction in Shanghai at the beginning of the week is OK, and there is a certain exit from the downstream after bargain purchasing; the storage comes from nearly a thousand tons of Russian nickel arriving in Hong Kong, which will still be used for warehouse receipt delivery, and it is reported that it has been put into storage today. There has been a small increase in warehouses in Tianjin and the replenishment of Jinchuan nickel by traders. Inventory in Liaoning area decreased slightly, mostly Russian nickel out of the warehouse, local Bofeng nickel plate inventory remained unchanged; Jiangsu and Zhejiang inventory is still flat than in the previous period. Overall, the inventory of the three places in East and South China decreased by 303 tons, while the inventory of the six places across the country decreased by 467 tons.

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