Newsletter summary
The average price of electrolytic nickel in SMM1# rose on May 14th.FreeonlinegamestowinrealmoneynodepositSupply-side production capacity is expanded, and output is expected to increase to 2. 5% in MayFreeonlinegamestowinrealmoneynodeposit.580000 tonsFreeonlinegamestowinrealmoneynodeposit; the demand growth rate is not as fast as the supply, the alloy demand is exuberant; the inventory trend accumulates; the main operation suggestion fluctuates widely, the short-term point of view is neutral.
Text of news flash
[nickel price rose month-on-month, supply growth slowed] on May 14, the average price of electrolytic nickel in SMM1# rose to 144.FreeonlinegamestowinrealmoneynodepositThe average price of imported nickel is 143200 yuan / ton, and the spot discount is kept at-350 yuan / ton. On the supply side, the national refined nickel production decreased by 1% month-on-month to 24700 tons, up 39.8% from the same period last year. Some nickel enterprises are affected by equipment maintenance, and their output has not yet fully recovered. [terminal industry demand is high, supply growth exceeds demand] as the main downstream of pure nickel, the demand for alloys such as military industry and ships is strong. However, despite the prosperity of some terminal industries, the growth rate of demand has not exceeded that of supply. The stainless steel plant resumed production in May, the electroplating demand was stable, and the growth rate of new energy orders was in doubt in May. [inventory trend increase] as of May 10, LME nickel inventory reached 80286 tons, an increase of 1506 tons compared with the previous week; SMM domestic six social inventory remained at 34908 tons, bonded area inventory maintained at 4660 tons. The total amount of global explicit inventory was 119654 tons, an increase of 1506 tons compared with the previous week. [the pattern of supply and demand is loose, the raw material nickel ore is strong] from the point of view of the line, the supply and demand of refined nickel has increased, and the downstream purchasing strategy is purchasing at low prices and not mining at high prices. The cost of Indonesian integration is below the reference price around 120000, so it is not advisable to be too low and bearish on the bottom of resource prices. Pay close attention to the progress of new production capacity. MHP- nickel sulfate-ternary battery strip line, ternary production declined in May, and the price of nickel sulfate may turn stable in the later period. Nickel ore-nickel iron-stainless steel strip, Indonesian nickel mine RKAB approval is slow, domestic trade benchmark price and rising water are raised, nickel iron market bullish sentiment is strong, spot atmosphere is improving. [operational advice and short-term point of view] the market operation proposal is wide volatility, and the main price reference range is 140000 to 153000 yuan / ton. The short-term view remains neutral.