[2020.5.13 minutes of Nickel Internal Morning meeting] Nickel spot is still in strong mood and caution in picking up goods downstream after stainless Steel Price increase

Judgment of nickel price: at present, the good balance sheet of primary nickel highly depends on the consumption of stainless steel and the contraction of domestic nickel pig iron, while in the aspect of pure nickel, its consumption downstream is more scattered, and other aspects of consumption are worse than stainless steel plates. its consumption recovery is weaker than the performance of nickel pig iron, and the recovery of consumption still takes time to wait. In view of the fact that the epidemic situation in overseas areas is still severe, but the intention to resume production is strong, and the future trend is good, there is still some potential for nickel price performance, and the current price may be on the center of gravity axis of the annual average price. In terms of today's price range, short positions in metals are generally weak. Shanghai Nickel pays attention to the 20-day moving average support, 99900-101600 yuan / ton, and Lunni 12000-12300 US dollars / ton.

1, Nickel spot: may 12 SMM1 Electrolytic Nickel quotation 102000 won 103500 yuan / ton, the average price is 300 yuan / ton lower than the previous day. Shanghai nickel market fluctuations, the market trading is OK after the opening of the morning market, but Shanghai nickel fell back higher in the afternoon, fell back to around 101000 yuan / ton shock in the afternoon, the price decline did not make the market trading warm, the downstream wait-and-see mood is thicker. According to the feedback of the traders, the inquiry is still available, but the transaction situation is not good. In terms of discount, Russian Nickel to Shanghai Nickel 2006 contract to post 100 to flat, the price is flat. Jinchuan Nickel to Shanghai Nickel 2006 contract reported a rise of 1,100 yuan / ton, it is reported that the current delivery in Shanghai, the near future can be normal shipment. Nickel beans, the Shanghai Nickel 2006 contract between 800-700 yuan / ton.

2. Nickel pig iron: on May 12, the price of high nickel pig iron was 960-970 yuan / nickel point (including tax), which was the same as that on Friday. At the beginning of the month, the procurement of steel mills was more concentrated, and the enthusiasm for purchasing this week was significantly lower than that of last week, with the nickel mine quotation rising to US $40 / wet ton, and the cost support and downstream stainless steel profits improving to make room for nickel pig iron upward. It is expected to continue to rise slowly in the short term.

3. Stainless steel: on May 12, the quotation of stainless steel market in Wuxi area was generally stable, with individual traders slightly raising the quotation range of 304 2B rough edge roll price 13700-13900 yuan / ton, the average price was increased by 50 yuan / ton compared with Monday, the trimming volume price of 304 2B large factory was quoted at 1375014050 yuan / ton, and the average price was raised by 50 yuan / ton. 304 NO.1 quoted 13300-13500 yuan / ton, the same as on Monday. According to market understanding, at present, Qingshan Steel Plant 300 series stainless steel has not announced the new price; there are other steel mills quoted 13400 yuan / ton, delivery in June. Nearly two days, after the price increase, Wuxi market transactions in general, traders said that since the May Day holiday, stainless steel market prices have risen sharply, prices fluctuated sharply, downstream to take goods more cautiously. If the late steel plant price is still up, stainless steel market prices will remain strong. For 10:30 SHFE SS2007 contract price 13630 yuan / ton, Wuxi stainless steel spot water 240-440 yuan / ton. (spot trimming = rough edges + 170 yuan / ton)