After the holiday, the purchasing sentiment of steel mills is relatively light, and the price of ferronickel remains stable under the support of cost [Nickel Pig Iron Daily Review]

SMM, May 6, On May 6, the average price of SMM8-12% high nickel pig iron was 963.5 yuan/nickel point (ex-factory tax included), which was flat compared with the previous working day. On the supply side, Indonesia's output in May was successfully put into operation by the new production line in Huabao Park, and the output increased, but it still takes time for the ore end to increase, the mine price is firm, and the smelter output is weak to climb. Domestically, although ferronickel prices rebounded from early April, the improvement of profit inversion has not been completely repaired, and domestic smelters still maintain low operating rates. On the demand side, stainless steel sales after the holiday still need to wait and see, the current downstream and terminal overall performance has not increased significantly, steel mill futures orders remain low, and the purchase demand of steel mills is relatively light in the short term. To sum up, stainless steel futures opened high after the holiday but the spot performance was weak, and the willingness of steel mills to purchase was light, but it was supported by costs, and it is expected that the price of ferronickel will be stable in the short term.