According to the nickel price monitoring of the business agency, on the 26th, the average nickel spot market price was 188100 yuan / ton, up 1.35% from the previous trading day and 28.03% year-on-year.
London nickel closed down 1.45% overnight after the Federal Reserve’s policy decision in July hit. The global economic recession affected the rebound space of nickel price, but the short-term market resources were tight, and the inventory was at the low level over the years, which supported the nickel price. In June, domestic refined nickel imports were only 9274 tons, a year-on-year decrease of 46.6%, and the overall import volume was lower than expected. The volume of intermediate projects in Indonesia has increased significantly, some domestic iron mills have lost money and reduced production, and ferronickel mills have a strong willingness to support prices.
Forecast: supported by low inventory, nickel price is strong, but the supply and demand side and product prices in various industrial chains continue to be weak, and do not have strong rebound momentum. It is expected that nickel price will mainly fluctuate at a low level in the short term.
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