1、 Trend analysis
| Melamine |
According to the nickel price monitoring of the business agency, on the 5th, the spot nickel price was 111033.33 yuan / ton, a slight increase of 0.06% compared with the previous trading day, a decrease of 2.37% over the beginning of the year and a decrease of 5.19% year-on-year. Shanghai nickel opened at 110820 yuan, and then the price fluctuated and rose to 112990 yuan, up 1.92%. LME3 nickel closed at $14180, up 1.39%.
2、 Market analysis
Due to the epidemic situation, several major mining areas in the Philippines were gradually closed since March 18, and the ban on shipment was delayed from April 18 to the end of April. As a result, the total amount of Philippine nickel ore imported by China from January to may decreased by 32.8% to 5507400 tons on a year-on-year basis. Recently, the Philippines once again blocked Manila, the capital of China. As China’s largest nickel ore exporter, the Philippines blockade will be extended until August 18. The nickel supply is expected to support prices. In the nickel market, the tight pattern of domestic nickel ore has not yet been fully eased, and the price of nickel ore is firm. In terms of ferronickel, the cost of raw materials supports the price, the domestic production reduction is limited, and the demand for nickel ore is not reduced. The demand side is in the off-season, but in order to stabilize the market share and maintain the output.
3、 Future prospects
Aftermarket forecast: supported by tight supply of nickel ore, short-term nickel price shocks are mainly strong.
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