[SMM Analysis] Nickel price falls, spot transaction increases "air" does not break up short-term dilemma

Published: Sep 22, 2020 16:55 (GMT+8)

SMM9 March 22: after last night's sharp fall, Shanghai Nickel is in a dilemma today, and the daily market is in a state of low and narrow concussion. By the end of the day, the main contract of Shanghai Nickel fell 1.86% to 113200 yuan / ton, which was basically the same as the closing price at night.

SMM believes that from a fundamental point of view, the current nickel mine price is still strong, nickel pig iron is not willing to make a price concession, and the electrolytic nickel industry chain continues to maintain balance without obvious change, but the expectation of good performance of this part of the industry chain has not become the focus of market trading in the near future, and market sentiment is affected by macro aspects.

Due to the weak performance of the dollar in the early period, the willingness to adjust in the market, traders are relatively short on commodities in mood, the current lack of bullish strength, the sharp fall at the beginning of the week also laid the tone of weak operation, mainly the recent low shock. It is estimated that this week, Shanghai nickel is 110000-116000 yuan / ton, Lunni is 14300-15000 US dollars / ton.

From the spot point of view, due to the large decline in nickel prices and active enquiries in the spot market, the turnover is significantly higher than that of yesterday. Today, the price of nickel beans remained stable as a whole, with a sticker of 800 to 700 yuan per ton, and there was also a certain deal in the morning market, but it is reported that some battery factories have already prepared goods in the early stage, so the discount has not continued to rise. With the correction of nickel price, the advantage of nickel bean autolysis over the outsourcing of battery-grade nickel sulfate is gradually emerging; traders who have been hoarding for more than a month have begun to export goods, and the transaction price is in the middle position of the mainstream bulk single spot transaction price in the market. This week will enter the regular procurement node, market trading volume may increase slightly, but due to the checks and balances of nickel beans and trader shipments, the high price of battery-grade nickel sulfate is expected to decline.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
【Flash | ESAB Cuts Q4 Surcharges for Mo-Bearing Welding Consumables】
2 hours ago
【Flash | ESAB Cuts Q4 Surcharges for Mo-Bearing Welding Consumables】
Read More
【Flash | ESAB Cuts Q4 Surcharges for Mo-Bearing Welding Consumables】
【Flash | ESAB Cuts Q4 Surcharges for Mo-Bearing Welding Consumables】
ESAB published its Q4 2026 US combined alloy-and-tariff surcharges for welding filler metals. The surcharge for 316/316L stainless solid wire fell from $7.08/lb ($15.57/kg) in Q3 to $6.26/lb ($13.77/kg), while 317/317L declined to $6.72/lb. Duplex 2209 and super-duplex 2509/2594/2507 eased to $8.71/lb and $9.02/lb. ERNiCrMo-3 nickel-alloy solid wire fell from $15.53/lb to $13.28/lb. SMM analysis: Mo-bearing welding-consumable surcharges broadly declined QoQ, but the combined charges also reflect nickel, chromium and tariff costs and are not molybdenum spot prices.
2 hours ago
【Flash | NAS Raises Base Price for Type 316 Cold-Rolled Stainless】
2 hours ago
【Flash | NAS Raises Base Price for Type 316 Cold-Rolled Stainless】
Read More
【Flash | NAS Raises Base Price for Type 316 Cold-Rolled Stainless】
【Flash | NAS Raises Base Price for Type 316 Cold-Rolled Stainless】
North American Stainless (NAS), part of Acerinox, said Type 316 cold-rolled products shipped from Oct. 1 would carry a higher base price through a two-point reduction in the functional discount. All active requests for quotation are subject to the adjustment. This is a base-price mechanism change rather than a monthly alloy surcharge.
2 hours ago
[SMM Nickel Flash News] Indonesia Nickel Smelter Faces PKPU Petition
3 hours ago
[SMM Nickel Flash News] Indonesia Nickel Smelter Faces PKPU Petition
Read More
[SMM Nickel Flash News] Indonesia Nickel Smelter Faces PKPU Petition
[SMM Nickel Flash News] Indonesia Nickel Smelter Faces PKPU Petition
PT Metal Smeltindo Selaras (MSS), a China-invested nickel smelter in Morowali, Central Sulawesi, is facing a PKPU petition filed by nickel mining and trading company PT Mineral Maju Sejahtera. The case was registered at the Central Jakarta Commercial Court on September 29, 2026, with the first hearing scheduled for October 8. MSS operates an RKEF smelter with eight furnaces and targeted feronickel capacity of around 600,000 mt/y. No production suspension has been confirmed.
3 hours ago