According to the nickel price monitoring of business agency, on the 29th, the average price of nickel spot market was 172100 yuan / ton, down 4.36% from the previous trading day and up 20.56% year-on-year.
Today, the nickel price fell sharply, and the next week, lunni closed down 1.09%. After US Federal Reserve Chairman Powell hinted that the US Federal Reserve would further raise interest rates to curb inflation, traders weighed the signs of slowing economic growth, and metals generally fell. Pure nickel maintains normal production schedule, and the operating rate of ferronickel hovers at a low level. However, the terminal demand is sluggish, and both iron and steel plants suffer losses. In the downstream stainless steel, the scale of production reduction has expanded. Most traders maintain a wait-and-see attitude, and most of the actual transactions are just needed purchases. The fundamentals of nickel are weak, and the expected rise in interest rate will further suppress the price. It is expected that the nickel price will fluctuate at a low level.
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