1、 Trend analysis

According to the nickel price monitoring of the business community, the nickel price fluctuated widely this week. As of July 9, the nickel price rose slightly by 0.84%, and the spot price was 137266.67 yuan / ton, up 0.84% from the beginning of the week, 8.03% from the beginning of the year, and 29.75% from the same period last year.

At the end of the rainy season in the Philippines, the domestic import of nickel ore increased, but the output of ferronickel increased driven by profits, the consumption of nickel ore increased, and the price of nickel ore will continue to strengthen in the later period. At present, the demand of downstream stainless steel at home and abroad is still good, the domestic export tax rebate policy is cancelled, and some overseas orders are replaced by Indonesian stainless steel. At present, the domestic and foreign inventory of nickel market continues to decline, and the domestic inventory and warehouse receipts are at the lowest level in history, which brings support to the nickel price.

Forecast: low inventory and tight nickel supply still support the nickel price. The expected reduction of steel production will keep the price of stainless steel high, and the nickel price will maintain a strong fluctuation pattern in the short term.