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[today's Nickel Market] Nickel futures continue to be weak to consolidate spot demand.
Sep 10,2020 16:57CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

Nickel spot

Nickel spot: today's nickel futures continue to consolidate in the first line of 116000 yuan / ton, and the turnover in the spot market is not as good as the number of daily active users in the past few years. Due to the gradual release of demand from nickel users since last Thursday, to today, demand has shown signs of weakening. Although there is a certain amount of procurement and trading turnover in the market, more traders have said that the demand is lower than expected. In terms of quotation, the Russian nickel discount continued to hold steady at-300 yuan / ton for 10 contracts, with a stable performance during the week. Jinchuan nickel rose again today, and the morning market rose 1500 to 1700 yuan / ton for 10 contracts. It is reported that the high price is more difficult to ship downstream, so traders in the field are more cautious to replenish the goods. The ex-factory price of Jinchuan was quoted at 118000 yuan / ton today, the same as yesterday, but compared with the Shanghai Nickel 10 contract, there is still 1800-1900 yuan / ton of water per ton, so it is expected that there is still room for Jinchuan to rise in the future. For nickel beans, today's quotation for 10 contracts ranges from 600 to 400 yuan per ton, and the demand performance is also poor.

Important news

Since September 1, the Law of the people's Republic of China on the Prevention and Control of Environmental pollution by solid waste (referred to as the New solid waste Law) has been formally implemented. The solid waste Law consists of 9 chapters and 126 articles, which are 41 articles more than the original law and 65 articles changed. Delete the inapplicable clause or text; adjust the structure of the provisions; Expanding the content of management, establishing a new management system, increasing the types of fines, increasing the intensity of punishment, and increasing the amount of punishment are known as "the most stringent repeal law in history".

According to SMM research, after the introduction of the new solid waste law, the current inspection cycle for imported waste can be extended to 21 days, and the import of nickel-containing waste is also reduced. The supply end of nickel sulfate raw material is mainly nickel-containing waste, nickel wet intermediate and nickel bean / powder. due to the long-standing shortage of domestic nickel waste market, there is a certain demand for foreign waste import in the nickel sulfate market. The new solid waste law landed, the amount of imported nickel waste is reduced, which is expected to have a certain impact on the supply end of nickel sulfate raw material.

"[SMM investigation] the implementation of the new solid waste method to implement the import of nickel sulfate raw materials is affected to a certain extent.

The price of stainless steel is announced today:

Qingshan 304hot-rolled narrow strip opening: 304hot-rolled narrow strip sales guidance price of 14000 yuan / ton, September resources, the quantity to be approved. The month-on-month price is 400 yuan / ton lower than the last offer. Qingshan 304 hot rolled plate sales guidance price of 14200 yuan / ton, resources in September, the quantity to be approved. The month-on-month price is 400 yuan / ton lower than the last offer. Aoyama Hongwang September futures guidance price: 304ft cold rolling quoted 14400 yuan / ton, the quantity to be approved. The price is 400 yuan / ton lower than the last price. Aoyama Hongwang September futures guidance price: 3045ft cold rolling 14600 yuan / ton, the volume to be approved, month-on-month compared with the last opening, down 400 yuan / ton. Yongjin September futures guidance price: 304ft cold rolling 14500 yuan / ton, the volume to be approved, month-on-month compared with the last opening, down 400 yuan / ton.

[SMM stainless steel price on September 10th] the opening price of Castle Peak is down 400 yuan / ton for both hot and cold rolling.

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