Demand Gradually Weakened in March and the Cobalt Sulphate Market May Remain in Oversupply in April

Crude oil futures rose slightly today. As of 15:19 CST, WTI oil rose 0.7% and Brent oil rose 0.56%.

Last week, the SS contract prices once slumped to around 16,300 yuan/mt.

The industrial silicon futures contract will listed on the Guangzhou Futures Exchange (GFEX) on December 22, 2022.

In November, the stainless steel futures contract remained rangebound amid the frequently released macro policies.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Nov 7, 2022

To sum up, the upstream and downstream markets across the pure nickel chain are still weak and the prices are expected to move sideways in the near term.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 8, 2022

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Aug 2, 2022

As of July 29, the most-traded stainless steel contract fell to 15,280 yuan/mt overnight, a new low since May 21, 2021. The contract rallied in day trading, and once recorded a gain of 1.41%. The contract finally closed the day at 1.32%.

Huayou Cobalt issued an announcement on investment that the company plans to jointly build Huashan Nickel-Cobalt with an annual output of 120,000 mt of Ni content and nickel-cobalt hydroxide hydrometallurgy project with Glaucous through its wholly-owned subsidiary Huatuo International Development Pte. Ltd.