Nickel spot trend
According to the nickel price monitoring of the business association, the spot price of nickel on November 12 was 130666.67 yuan / ton, a slight decrease of 2.26% compared with 133683.33 yuan / ton on the previous trading day, a rise of 45.98% compared with the beginning of the year, and a year-on-year increase of 30.10%. Nickel prices are now weak.
| EDTA |
Indonesia resume export
Indonesia announced on October 28 that it would suspend nickel ore export for illegal investigation. Indonesia said on October 11 that it had approved nine enterprises to restart nickel ore export. Nickel supply eased and nickel prices fell.
Nickel inventory rise in the previous period
Exchange data released on Friday showed nickel inventories in the previous period rose to 30831 tons, the highest level since the week ended June 1, 2018, easing concerns about tight supply. LME inventory destocking slowed down, with a weekly drop of 234 tons.
Downstream stainless steel weak drop dominated
| Melamine |
In the near future, the price of downstream stainless steel is mainly stable and weak, with a price of 14171.43 yuan / ton. The high inventory of stainless steel and the expectation of long-term project production, coupled with weak demand, make it difficult for the price of stainless steel to rise.
To sum up, Liu Meili, nickel analyst of the business association, believes that the supply will ease in the short term, and the weakness of downstream stainless steel will fall, making nickel prices drop sharply. In the long run, Indonesia’s mining ban will still take effect next year, and the Philippines will enter the rainy season, so the supply will be affected, and nickel price is expected to remain high and weak.
| EDTA 2Na |