Last year's Institute: advocating risk Prevention & rational Investment & maintaining the smooth Operation of the Market

SHFE nickel performed well last week.

According to a report from the Financial Times, a senior government official in Indonesia stated that the country will continue to push forward with its plan to expand nickel production, despite oversupply forcing competitors to close nickel mines. The country's goal is to keep nickel prices low and safeguard the long-term demand for this crucial metal in electric vehicle batteries.

SMM March 18th: On March 18th, the opening price of the main Shanghai nickel contract was 142,030 yuan/ton, and the closing price was 139,950 yuan/ton, a decrease of 1,920 yuan/ton from the closing price of the previous trading day. Intraday trading strengthened compared to the previous trading day, with an increase of 50,346 lots in volume and an increase in open interest of 2,737 lots...

It is estimated that China’s NPI output in March 2024 will be 25,900 in nickel content, down 0.92% MoM. According to SMM research, most domestic producers suffered losses, and some cut productions in February, and may suspend production in March.

Nickel prices continued to rise last week because the approval of nickel ore mining quotas in Indonesia under RKAB was slower than anticipated.

SMM News on March 4th: During the trading session on March 4th, the opening price of the main Shanghai nickel contract was 135,500 yuan/ton, and the closing price was 136,620 yuan/ton, a decrease of 450 yuan/ton from the previous trading day's closing price. Trading during the session was stronger compared to the previous trading day, with an increase in trading volume of 54,103 lots and a decrease in open interest of 1,575 lots.

Metals market: As of midday close, base metals in the domestic market rose almost across the board. Shanghai nickel rose 4.1%, and Shanghai aluminum rose slightly. Shanghai tin fell 1.17%. Shanghai copper, Shanghai zinc and Shanghai lead all rose within 0.3%. The main alumina futures rose 2.08%. The main industrial silicon contract rose 0.6%. The main lithium carbonate futures contract rose 2.72%. The black series is mostly red, and the iron ore rose 0.89%. Thread and hot coil rose slightly, and stainless steel rose 1.34%. In terms of double coke, coking coal fell 0.31% and coke fell 0.21%. In terms of external metals, as of 11:42, LME metals were mixed. London zinc and London nickel rose slightly, London aluminum rose 0.45%, London lead, London tin, and London copper all fell slightly, and the decline was within 0.3%. In terms of precious metals, as of 11:42, COMEX gold rose 0.19%, and COMEX silver fell 0.04%. In terms of domestic precious metals, as of noon close, Shanghai gold fell 0.02%, and Shanghai silver fell 0.42%. Gold prices are set to post weekly gains, supported by a weaker dollar and safe-haven buying this week. Conflict in the Middle East has also boosted gold's safe-haven appeal. In addition, as of noon closing, the main futures of European line container shipping were reported at 2048 points, up 0.5%

At present, there are 24 iron and steel joint enterprises in Shanxi, China. In 2021, the pig iron output was 59.884 million mt, a year-on-year decrease of 1.6%; Crude steel output was 67.407 million mt, up 1.6% year-on-year; The output of steel products was 61.739 million mt, which was basically the same as that of the previous year.

Under the influence of the increasingly severe pandemic, the epidemic prevention policy in domestic ports was strict, while the unloading capacity of terminals was restricted and the efficiency of cargo handling was reduced.

Today, the spot prices of all series of stainless steel products in Foshan stood flat today. The average price of the 300 series product was around 18,000 yuan/mt. The market received a large number of goods last week, while the demand failed to keep up. The downstream users continued to purchase on rigid demand after the prices rebounded slightly yesterday.