This week (2.9-2.14), the nickel market moved downwards and fluctuated at a low level. According to the monitoring of nickel prices by Shengyi Society, on February 14th, spot nickel was reported at 125650 yuan/ton, with a weekly decline of 2.37%.
| Gamma-PGA (gamma polyglutamic acid) |
Macroscopically: Disruption of tariff policies. On February 10th, the United States announced a 25% tariff on steel and aluminum imports to the United States, causing an increase in multi metal prices but not boosting nickel prices.
Supply side: It is expected that China’s refined nickel production in February will be 35000 tons, an increase of 4.1% month on month and 43.1% year-on-year. In addition, new projects such as Zhongwei Group are gradually climbing production, and the pattern of nickel surplus will continue. Domestic and international inventory continues to accumulate. On February 14th, the inventory of Shanghai nickel warehouse receipts was 29117 tons, a decrease of 348 tons during the week; On February 14th, LME nickel inventory was 180900 tons, an increase of 5190 tons for the week.
Demand side: Insufficient consumption growth in the short term, lower than expected resumption of work and procurement by downstream enterprises, or intensified price trend pressure, and wait-and-see sentiment may continue. Steel mills continue to deliver, but demand is weak and inventory backlog has slightly increased. On February 14th, the reference price of stainless steel in Shengyi Society was 13180 yuan/ton, an increase of 0.38% from the beginning of the month, with a narrow range of fluctuations.
Market forecast: The pattern of nickel surplus continues, demand is insufficient, macro sentiment is disturbed, and it is expected that nickel prices will fluctuate in the low range.
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