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[SMM Weekly selected] High Nickel Pig Iron Price stalemate Game imported laterite Nickel Ore still has room to rise
Sep 19,2020 11:37CST
translation
Source:SMM
[SMM Weekly report selected] Nickel ore price increase is the focus of the spot market this week. High nickel ore price and shrinking stainless steel price profit suppresses nickel pig iron profit. Under the combined effect, there is little room for nickel pig iron price reduction and the possibility of production reduction at the end of the year increases due to tight nickel ore inventory, which partly supports nickel fundamentals. Recently, nickel prices fluctuated mainly with macro factors, and the market released the power of adjustment after the early weakness of the US dollar. in addition, long-short factors appeared in the fundamentals, in addition to the positive rise in nickel prices, there are also stainless steel prices peaking which makes nickel prices bearish and bearish. Therefore, although nickel prices do not have a long-term sharp downward trend, but short-term recovery power is also relatively lack.
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"SMM Nickel Industry chain Weekly report" is released. SMM will select hot topics, prices, quotations or major changes in the industry chain and release information for your reference.

The following is an excerpt from the weekly report of the SMM nickel industry chain:

 

The large increase in the price of nickel ore is the main focus of the spot market this week. The high price of nickel ore and the shrinking profit of stainless steel suppresses the profit of nickel pig iron. Under the combined effect, there is little room for the price reduction of nickel pig iron and the possibility of production reduction at the end of the year. Nickel fundamentals are partly supported. Recently, nickel prices fluctuated mainly with macro factors, and the market released the power of adjustment after a wave of weak market in the early days of the US dollar. in addition, there are many short-term factors in the fundamentals, in addition to the positive rising prices of nickel mines. there is also a negative effect of stainless steel prices peaking on nickel prices, so although nickel prices do not have a long-term sharp downward trend, there is also a lack of short-term rebound power.

Nickel ore prices jumped this week, the Philippine 1.5FOB10 monthly delivery price rose to $55 / wet ton, CIF prices rose to a high of $73 / wet ton, but there is no deal news yet. The transaction price of Xinka 1.8%CIF jumped to $103a wet ton. At present, most traders have sold all their ships in October, the rainy season is approaching, the remaining supply of goods available in the market is very limited, but the port inventory is still low, and the enthusiasm of iron mills to buy goods is still there while there is still profit space for Nickel Iron. As a result, the price of nickel ore has soared all the time. However, at present, some northern iron mills say that hoarding will not be considered if the cost under the current ore price is higher than the selling price of Ferro-nickel. Nickel prices are expected to continue to rise next week, with mainstream 1.5%CIF prices rising to $73 / wet ton.

 

 

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Catalogue of "SMM Nickel Industry chain Weekly report" in this issue

Main points of this issue's weekly report

Nickel ore / nickel pig iron: the continuous rise in the price of nickel ore puts obvious pressure on the profits of domestic high nickel pig iron manufacturers.

Stainless steel: price weakening weekly transaction first rising and then suppressing it is expected that the price will operate steadily in the later period.

Electrolytic nickel: spot monthly quotation trading atmosphere can still import goods without customs clearance inventory has dropped significantly

Nickel Sulfate: battery-grade Nickel Sulfate Price stabilizes spot shortage and is expected to decline slightly in the later period

High-carbon ferrochromium: prices remain stable this week, but profit pressure from stainless steel mills increases or continues to depress raw material prices.

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[China Nickel Industry chain High-end report] China Nickel Industry chain monthly report includes macro interpretation, monthly nickel price review, interpretation of hot events in various sections of the nickel industry chain (nickel ore, electrolytic nickel, nickel pig iron, stainless steel, ferrochromium) and other hot events, future forecasts, and Synchronize releases monthly relevant enterprise operating rate and inventory survey data, covering the entire nickel industry chain.

[China Nickel Industry chain routine report] China Nickel Industry chain Weekly report includes macro interpretation, weekly review of nickel price, market trends of various sections of nickel industry chain (electrolytic nickel, nickel pig iron, stainless steel, ferrochromium), weekly social inventory, future forecast, comprehensive interpretation of the nickel market in the week.

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