Overall market transactions were relatively sluggish, and domestic high-grade NPI prices fluctuated downward. [SMM Nickel Morning Briefing]

Published: Dec 31, 2024 09:13 (GMT+8)

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[12.31 Nickel Morning Meeting Summary] Spot Premiums/Discounts: Mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 3,400-3,500 yuan/mt, with an average premium of 3,450 yuan/mt, down by 50 yuan compared to the previous trading day. Russian nickel premiums/discounts were quoted in the range of 0 to 100 yuan/mt, with an average premium of -50 yuan/mt, up by 100 yuan compared to the previous trading day. In terms of futures...

12.31Nickel Morning Meeting Summary

Refined Nickel:

Spot Premiums/Discounts: The mainstream spot premium quotation range for Jinchuan Nickel No.1 was 3,400-3,500 yuan/mt, with an average premium of 3,450 yuan/mt, down 50 yuan compared to the previous trading day. The quotation range for Russian nickel was 0 to 100 yuan/mt, with an average premium of -50 yuan/mt, up 100 yuan compared to the previous trading day.

Futures: In the morning, nickel prices fluctuated downward at low levels, dropping 1,200 yuan to 124,540 yuan, down 0.95%.

Today, nickel prices fluctuated rangebound, down compared to the previous trading day. Jinchuan brand nickel premiums remained largely stable overall, but as the sentiment of short-term supply tightening gradually eased in the market, premiums showed slight loosening. Spot premiums/discounts for other nickel plate brands remained largely stable this month. Approaching year-end, overall market transactions were sluggish.

Price Spread With Nickel Sulphate: Today, nickel briquette prices were 123,600-124,000 yuan/mt, down 1,550 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.

Nickel Sulphate:

On December 30, the SMM battery-grade nickel sulphate index price was 26,379 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,000-26,920 yuan/mt, and the average price remained unchanged from the previous day.

In terms of demand, there were some recent inquiries and transactions in the market, but overall, the nickel salt market was not active. In terms of supply, salt plants continued to stand firm on quotes. Overall, under the backdrop of weak demand from both buyers and sellers, nickel sulphate prices are expected to remain stable.

Nickel Pig Iron:

On December 30, the SMM 8-12% high-grade NPI average price was 937.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu compared to the previous working day. Supply side, domestically, high-grade NPI prices fluctuated downward, with traditional smelters facing expanded losses, weakening production momentum. Combined with environmental inspections, production is expected to decline slightly. In Indonesia, raw material inventories at NPI smelters remained relatively sufficient. Coupled with some smelters maintaining partial profits and weak demand for high-grade nickel matte, the phenomenon of converting high-grade nickel matte to high-grade NPI persists, with Indonesian production expected to grow as anticipated. Demand side, the stainless steel market saw some improvement in spot digestion, and social inventory began destocking. However, as the January market sales cycle approaches, steel mills' raw material procurement demand remained sluggish, with intended prices showing a weak trend. Supported by costs, high-grade NPI prices are expected to remain stable with a weak trend in the short term.

Stainless Steel:

On December 30, stainless steel futures prices continued to weaken, and spot prices remained at low levels. As the year-end off-season deepened, a steel mill in South China further reduced its guidance price today, with 304 cold-rolled prices down by 100 yuan. Market confidence was insufficient, and pessimism persisted for the next month. In the morning, 304 cold-rolled prices in Wuxi were quoted at 12,950-13,200 yuan/mt, 304 HRC at 12,400-12,500 yuan/mt, 316L cold-rolled at 23,600-23,800 yuan/mt, 201J1 cold-rolled at 7,400-7,700 yuan/mt, and 430 cold-rolled at 7,150-7,450 yuan/mt. At 10:30 a.m., the SHFE SS2502 contract price was 12,980 yuan/mt, with Wuxi stainless steel spot premiums at 140-390 yuan/mt (spot trimmed edge = mill edge + 170 yuan/mt).

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.

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