The fundamentals are weak, and the upward trend of ferronickel prices is hindered [Nickel Pig Iron Daily Review]

On March 11, the average price of SMM8-12% high-nickel pig iron was 956.5 yuan/nickel point (ex-factory tax included), which was the same as the price of the previous working day.
SMM, March 11, March 11, SMM8-12% high nickel pig iron average price of 956.5 yuan/nickel point (ex-factory tax included), compared with the previous working day The price was the same. On the supply side, the general production load of Indonesia's high-nickel ferronickel smelters fell by 10-20% due to the shortage of nickel ore during February. On the demand side, the stainless steel terminal has not yet warmed up, after the ferronickel price rose last week, although the spot price of steel mills followed the rise, but the spot price of stainless steel is difficult to transmit to the terminal, so that the spot price of stainless steel has also entered a downward trend in this cycle. Affected by the acceleration of RKAB approval during the week, the policy effect on high nickel pig iron is gradually exhausted, and the downstream demand is not expected to improve for the time being, and it is expected that the upward space of ferronickel prices will be blocked.