Traders' reluctance to sell mentality strengthens ferronickel prices rise [Nickel pig iron daily review]

On February 26, the average price of SMM8-12% high-nickel pig iron was 945 yuan/nickel point (ex-factory tax included), which was 5 yuan/nickel point higher than the previous working day. From a fundamental point of view, due to the impact of Indonesia's RKAB policy, nickel ore prices have rebounded in the month, and the rising price of raw materials has increased the cost of ferronickel. Global ferronickel production is expected to decline in February in anticipation of production cuts by Indonesian and global iron mills. On the demand side, it is currently in the off-season of the stainless steel industry, coupled with the reduction of domestic and Indonesian production, the demand for ferronickel is weakening. At present, both sides of the supply and demand sides of the ferronickel market are weak, but due to the failure of the approval process of Indonesia's RKAB to meet expectations, it may support the price of ferronickel emotionally.