The price of isooctanol fluctuated and rose this week

According to the Commodity Market Analysis System of Shengyishe, as of June 11th, the price of isooctanol was 10140 yuan/ton, a fluctuation increase of 2.42% compared to the price of isooctanol on June 1st, which was 9900 yuan/ton. This week, the price of isooctanol fluctuated slightly and rose. Since the domestic isooctanol market bottomed out in mid April, the price center of isooctanol has slowly shifted upwards. Isooctanol manufacturers are limited in quantity and reluctant to sell, while downstream customers have a strong demand for purchases, which provides significant support for the rise of isooctanol.

The price of raw material propylene fluctuated and rose this week

According to the propylene commodity market analysis system of Shengyishe, as of June 11th, the propylene price was 6986.60 yuan/ton, a fluctuating increase of 1.93% compared to the propylene price of 6854.60 yuan/ton on June 1st. Crude oil prices fluctuate and consolidate, while propylene cost support still exists. This week, propylene prices fluctuate and rise; Downstream production of propylene has decreased, downstream customers have just needed to purchase, and propylene manufacturers have average shipments. The supply and demand of the propylene market are weak, and the price of propylene is consolidating strongly.

Downstream plasticizer prices fluctuate and rise this week

According to the Commodity Market Analysis System of Business Society, as of June 11th, the price of plasticizer DOP was 10362.50 yuan/ton, an increase of 2.47% from the DOP price of 10112.50 yuan/ton on June 1st of the month; On June 11th, the price of DOTP was 10375 yuan/ton, an increase of 2.34% compared to 10137.50 yuan/ton on June 1st at the beginning of the month. The price of raw material for plasticizers, phthalic anhydride, remains strong and temporarily stable, while the price of isooctanol fluctuates and rises. The cost of plasticizers has increased, and the profitability of plasticizers has decreased. The production of plasticizer enterprises has decreased, and the supply of plasticizers is sufficient.

Future expectations

According to analysts from Business Society’s octanol product data, in terms of cost, the price of propylene fluctuates and rises, while the cost of isooctanol is strongly supported; On the supply side, iso octanol manufacturers have low inventory and average shipments; In terms of demand, downstream plasticizer product prices of isooctanol have fluctuated and risen, and downstream demand support still exists. In the future, with tight supply and demand support for isooctanol, cost support is significant, and it is expected that the price of isooctanol will fluctuate and rise in the future.

According to the commodity market analysis system of Business Society, the mainstream price of styrene in Shandong has fluctuated slightly recently. At the beginning of the week, the average price of styrene in Shandong was 9638.33 yuan/ton, while on the weekend, the average price of styrene in Shandong was 9558.33 yuan/ton, a decrease of 1.29%. The price has increased by 21.58% compared to the same period last year.

styrene

Recently, the market price of styrene has fallen. From the above chart, it can be seen that the price of styrene has mainly fluctuated and increased in the past three months, with a slight correction in the market this week. International oil prices fluctuate and cost support is poor, while the styrene market has risen to a relatively high level. Spot demand is mainly in demand, and downstream demand is slightly resistant to high prices. The styrene market has slightly declined.

In terms of raw materials, the price of pure benzene has slightly decreased this week, and the negotiation atmosphere for pure benzene in East China is flat, with contract transactions being the main focus. Some refineries in Shandong have voluntarily lowered their shipments, while some refineries are sticking to bottom prices to sell their goods. Several factories auctioned off, and the transaction volume continued to shrink.

On the downstream side, the prices of styrene in the three major downstream markets have fluctuated. The average quotation for PS this week is 10200 yuan/ton, and the market is stable. The cost support for PS is not good, and the demand is average. It is expected that the domestic PS (polystyrene) price will mainly fluctuate downward in the short term.

This week’s EPS market has fluctuated and stabilized, with an average price of 10787.50 yuan/ton for ordinary materials over the weekend. The cost side support is average, coupled with downstream high price resistance, production and digestion of early finished product inventory are the main factors, and the market wait-and-see atmosphere is obvious, resulting in weak new order transactions. On the demand side, the recovery of downstream demand in the north is relatively slow, and the demand for home appliance packaging is improving. It is expected that the overall recovery of demand will be relatively slow next week.

Recently, domestic ABS prices have been relatively weak. From a fundamental perspective, the upstream three materials of ABS fluctuate and fluctuate, providing poor support for the cost side of ABS. The construction of ABS polymerization plant has significantly increased, and supply pressure is gradually increasing. On the demand side, the demand for goods is weak, and the support for spot goods is not good. In summary, it is expected that the ABS market will be mainly weak and consolidating in the short term.

Recently, international oil prices have risen, and the high price of pure benzene has fluctuated. The supply and demand of styrene are expected to improve and repair, and under the dual positive conditions, it is expected that the short-term volatility of the styrene market will mainly rise.

Domestic cobalt prices rebounded and rose in May

According to the cobalt market analysis system of Business Society, the cobalt price on May 31st was 226000 yuan/ton, an increase of 6.05% compared to the fluctuation of cobalt price of 215600 yuan/ton on May 1st. Stimulated by the news of collection and storage, demand has risen in the short term, overseas cobalt mining plants have reduced production, cobalt market supply expectations have decreased, supply reduction and demand have increased, and cobalt prices have stopped falling and rising in May.

Expected increase in demand

According to data released by the China Academy of Information and Communications Technology, in April 2024, the domestic market shipped 24.071 million mobile phones, a year-on-year increase of 28.8%. From January to April 2024, the domestic market shipped 91.486 million mobile phones, a year-on-year increase of 12.3%. The domestic mobile phone market is recovering, and the demand for cobalt in the domestic mobile phone market is expected to rebound.

IDC, an international data information company, pointed out that global smartphone shipments are expected to increase by 4.0% annually to 1.21 billion units in 2024. According to a report released by market research firm Canalys, global smartphone shipments increased by 11% year-on-year in the first quarter of 2024. The global smartphone market rebounded in the first quarter, and compared to the same period in 2023, the economic pressure and sluggish situation have improved. The increase in mobile phone shipments has led to a recovery in demand for cobalt in the global mobile phone market.

The Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, the Ministry of Commerce, and the National Energy Administration jointly organized the 2024 New Energy Vehicles Going to the Countryside Campaign. From May to December 2024, support policies such as exchanging old cars for new ones and filling gaps in county-level charging and swapping facilities will be implemented to directly reach consumers with “real gold and silver” discounts. The sales of new energy vehicles are expected to increase, and the demand for cobalt in the market is expected to rise. In addition, the news of storage and recovery has stimulated confidence in the cobalt market, increasing the driving force for the rise of cobalt prices.

According to market insiders, the State Reserve intends to purchase approximately 15000 tons of cobalt to increase its inventory for new energy batteries and aerospace alloys. China purchased 2000 tons of cobalt as a strategic commodity reserve in 2020, and the scale of this collection far exceeds that of 2020. The demand for cobalt in the market has increased significantly in the short term, and the supply of cobalt in the market is insufficient in the short term, increasing the pressure on cobalt prices to rise.

Morocco’s largest mining company, cobalt mine, has reduced production

According to the data released by Managem, Morocco’s largest mining company, the output of Bou Azzer cobalt mine in the Atlas Mountains has decreased due to the downturn of cobalt prices in the international market. Due to the decline of cobalt output, the company’s revenue in the first quarter of 2024 will decline by 13% to 194 million dollars.

Overview and Outlook

According to data analysts from Business Society, with the stimulation of national policies and an increase in sales of new energy vehicles, coupled with the stimulation of storage and recovery news, the demand for cobalt in the market has increased, international cobalt production has decreased, and the supply of cobalt in the market has weakened. Overall, the cobalt market has seen a decrease in supply and an increase in demand, but the sustained increase in demand is insufficient. Although the supply has declined, overall oversupply remains. It is expected that cobalt prices will stabilize in the future.

Analysis of the Acetic Acid Industry Chain

From the May price rise and fall list of the acetic acid industry by Shengyi Society, it can be seen that acetic acid and downstream products are generally weak and consolidating. The rise in raw material methanol prices has increased the cost pressure on acetic acid, but due to poor demand, the acetic acid market has declined, with a 3.08% decrease within the month. The main downstream products, acetic anhydride, have experienced a significant decline, while the market for ethyl and butyl esters has narrowed.

Acetic acid: According to the commodity market analysis system of Shengyishe, the price of acetic acid first rose and then fell in May, with a slight rebound at the end of the month. As of May 31, the price was 3150 yuan/ton, a decrease of 100 yuan/ton compared to the beginning of the month’s acetic acid price of 3250 yuan/ton, and an overall decline of 3.08%. After the holiday, the price of acetic acid tends to rise strongly, leading to an increase in downstream demand for on-demand replenishment. The trading atmosphere on the market is improving, and coupled with the Tianjin Alkali Plant’s equipment failure and load reduction, enterprises have a strong intention to raise prices, resulting in a continuous increase in market trading; In late May, there was gradually resistance from downstream towards high priced sources of goods, and the market trading atmosphere was weak. At the same time, as the acetic acid plant resumed its initial load, manufacturers’ willingness to ship increased, and the focus of acetic acid trading continued to shift downwards; At the end of the month, some facilities in East China were shut down, and the company’s quotation slightly increased.

Acetic anhydride: The downstream acetic anhydride market rose first and then fell in May. On May 31st, the quotation was 5437.50 yuan/ton, a decrease of 3.33% from the beginning of the month’s price of 5625.00 yuan/ton. After the holiday, the upstream price of acetic acid increased slightly, and the cost support for acetic anhydride was positive. The demand for acetic anhydride remained stable, and the price of acetic anhydride rose accordingly; In the mid to late period, the price of acetic anhydride weakened and declined, with upstream acetic acid falling and cost support weakened. The acetic anhydride market was clearly bearish, and the price trend declined.

Ethyl acetate: In May, the market situation of ethyl acetate was sorted out and operated, with price trends rising first and then falling. According to the commodity market analysis system of Shengyishe, as of May 31, the average production price of ethyl acetate was 6290 yuan/ton, an increase of 0.48% compared to the price of 6260 yuan/ton at the beginning of the month. After the holiday, the market price of ethyl acetate increased significantly, with the main upstream acetic acid market rising and raw material support being positive. The price of ethyl acetate was slightly stronger and increased; In the middle and late stages, as the upstream market weakened and cost support was insufficient, the upstream market transmitted to the terminal market, affecting downstream purchasing. Downstream acceptance of high priced ethyl acetate was generally low, and entry into the market for purchasing was limited. Under the game of supply and demand, the price of ethyl acetate decreased.

Butyl acetate: The domestic market for butyl acetate remained stable in May. There is currently no plan for equipment maintenance or production reduction in the butyl acetate unit. The market supply is stable within the month, and the quotations from butyl acetate enterprises are mostly stable in operation. In terms of raw materials, the price of acetic acid has fallen, resulting in weak support for butyl ester; The strong rise in the price of n-butanol has a positive impact on butyl acetate, leading to differentiated cost operations. The mentality of butyl acetate manufacturers is indecisive, and market trading prices fluctuate narrowly.

Future prospects of the acetic acid industry chain

According to analysts from Business Society, the current operation of acetic acid enterprises is stable, with sufficient market supply and no pressure on inventory. The main focus is on strong quotations, and downstream production is low, which has limited support for acetic acid. In addition, the downstream market is mostly affected by fluctuations in acetic acid prices. It is expected that the acetic acid industry chain will remain stagnant and consolidate in June, with narrow price fluctuations. In the future, specific attention will be paid to downstream replenishment situations.

The price of acetic anhydride fluctuated downward in May

According to the Commodity Market Analysis System of Shengyishe, as of May 31st, the price of acetic anhydride was 5437.50 yuan/ton, a decrease of 3.33% from the price of 5625.00 yuan/ton on May 1st.

In May, the acetic anhydride market operated weakly, with upstream acetic acid prices experiencing weak fluctuations and insufficient cost support for acetic anhydride; Acetic anhydride enterprises are operating steadily, with sufficient market supply. Downstream market entry is followed by demand, and market trading is limited. Acetic anhydride manufacturers are actively shipping, and the price of acetic anhydride follows the fluctuation of the upstream market.

Weak and volatile acetic acid market in May

According to the market analysis system for acetic acid products in Shengyishe, as of May 31st, the price was 3150 yuan/ton, a decrease of 3.08% compared to the beginning of the month’s acetic acid price of 3250 yuan/ton. After the holiday, the downstream demand for on-demand replenishment increased, and the on-site trading atmosphere improved. In addition, the Tianjin Alkali Plant equipment failure reduced the burden, and the enterprise’s willingness to raise prices was strong, resulting in a strong increase in acetic acid prices; In late May, there was gradually resistance from downstream towards high priced sources of goods, and the market trading atmosphere was weak. At the same time, as the acetic acid plant resumed its initial load, manufacturers’ willingness to ship increased. In order to promote transactions, the focus of acetic acid trading shifted downwards; At the end of the month, some facilities in East China were shut down, and the company’s quotation slightly increased. The overall weak performance of the acetic acid market during the month has had a bearish impact on acetic anhydride.

Future prospects

According to the acetic acid analyst of Business Society, in terms of raw materials, the acetic acid market has slightly increased, and manufacturers have a clear intention of increasing prices, which is supported by the cost of acetic anhydride; In terms of supply, the acetic anhydride market has sufficient supply of goods, and manufacturers have a strong shipping sentiment; Follow up downstream as needed, and the market trading atmosphere is still acceptable. In the future, the cost of acetic anhydride is favorable, and downstream demand is stable. It is expected that the acetic anhydride market will consolidate and rise in the later period, and specific attention will be paid to changes in upstream prices.

This week (5.25-5.31), the domestic price of ethyl acetate remained stable. According to the Commodity Market Analysis System of Shengyishe, as of the 31st, the price of ethyl acetate remained at 6290 yuan/ton, and remained unchanged for the week. Due to insufficient upstream cost support, the supply and demand of ethyl acetate are relatively stable, and the market situation is running smoothly.

Market analysis: The ethyl acetate market remained stable and cautious this week. The utilization rate of ethyl acetate production capacity on the supply side is at a medium to low level, and the supplier’s inventory is under pressure, while the manufacturer maintains active shipments; On the raw material side, the price of acetic acid is weak and volatile, with insufficient cost support. The upstream market is transmitted to the terminal market, affecting downstream purchasing. Downstream buyers generally accept high priced goods, and they often follow up on demand when entering the market. Under the game of supply and demand, the price of ethyl acetate remains stable.

In the future, the upstream acetic acid of ethyl acetate has slightly increased, with good cost support and no pressure on supplier supply. Downstream purchases are made according to demand, and the market is optimistic. It is expected that the ethyl acetate market will consolidate and rise in the short term. It is recommended to pay attention to the price execution of raw material acetic acid and ethyl acetate manufacturers. At present, the mainstream transaction price in the market is between 6200-6370 yuan/ton.

The price of isooctanol fluctuated and fell in May

According to the Commodity Market Analysis System of Shengyishe, as of May 30th, the quotation for isooctanol was 9910 yuan/ton, an increase of 2.59% from the fluctuation of isooctanol price of 9660 yuan/ton on May 1st. In May, the price of isooctanol was at the bottom of the market, and there was limited room for its decline. Since the domestic isooctanol market hit bottom in mid April, the price center of isooctanol has slowly shifted upwards. From the perspective of raw materials, the price of propylene has stabilized at a high level, while the cost support for isooctanol still exists, and the price of isooctanol has fluctuated and risen; From the demand side, in May, downstream plasticizers and isooctyl acrylate units took turns undergoing maintenance, resulting in low sustainability of buying and consolidation of isooctyl alcohol. The market for isooctanol lacks continuous upward momentum, and the price of isooctanol has fluctuated slightly.

Strong consolidation of propylene prices in May

According to the propylene commodity market analysis system of Shengyishe, as of May 30th, the propylene price was quoted at 6860.60 yuan/ton, which is a volatile increase of 0.88% compared to the propylene price of 6800.60 yuan/ton on May 1st. Crude oil prices fluctuate and consolidate, while propylene cost support still exists. In May, propylene prices fluctuate and consolidate; The shutdown of propylene production units has dragged down the market, resulting in a decrease in downstream production of propylene. Downstream customers are in urgent need of procurement, and propylene manufacturers have average shipments. The supply and demand of the propylene market are weak, and propylene prices are consolidating strongly.

Downstream fluctuations and increases in the isooctanol industry chain in May

According to the commodity market analysis system of Business Society, the isooctanol industry chain saw a full rise in May. The upstream propylene price has slightly increased, and downstream products in the isooctanol industry chain have all experienced varying degrees of increase. The demand for isooctanol has increased, and the price of isooctanol fluctuated and rose in May. Downstream demand is rising, and the momentum for the rise of isooctanol in the future is increasing.

Future expectations

According to analysts from Business Society’s octanol product data, in terms of cost, propylene prices are consolidating strongly, while the cost support for isooctanol still exists; On the supply side, the inventory of isooctanol manufacturers is low, and manufacturers are actively shipping, resulting in sufficient supply of isooctanol; In terms of demand, downstream product prices of isooctanol fluctuated and increased in May, leading to increased support for downstream demand. In the future, with sufficient supply and increased demand support for isooctanol, cost support still exists, and it is expected that the price of octanol will fluctuate strongly and consolidate in the future.

According to the Commodity Market Analysis System of Shengyishe, as of May 29th, the average price of melamine enterprises was 7000.00 yuan/ton, a decrease of 0.36% compared to the price on May 1st.

The market price of melamine fluctuated slightly in May. In the first half of the year, the market supply was sufficient, but downstream production was low. Small orders were mainly followed up on demand, and new business transactions were lukewarm. The market atmosphere was weak, but the price of raw material urea rose, cost pressure rose, and manufacturers had weak intentions to sell low. The market remained stable and under pressure. In the middle and late stages, the price of raw material urea continued to rise, and cost pressure continued to increase. Some export orders were still supported, supporting enterprises to raise prices. Approaching the end of the month, cost pressure still exists, but domestic downstream demand is weak, market high prices and weak transactions, and the market is showing signs of weakness.

According to the commodity market analysis system of Business Society, the reference price of urea on May 28th was 2494.17, an increase of 2.4% compared to May 1st (2435.83). The urea raw material market showed a strong trend in May, with significant cost pressure on melamine.

Future Market Forecast:

Business Society’s melamine analyst believes that the current sluggish domestic downstream demand in the melamine market is dragging down the market, and there may still be no significant improvement in demand in the short term, which may still have constraints on the market. But the price of raw material urea is high, and the cost of melamine is under pressure, with manufacturers mainly raising prices. It is expected that in the short term, the cost demand game may continue, and the melamine market situation may remain slightly weak. More attention needs to be paid to market news guidance.

Price trend

In May, the domestic PA66 market showed a strong consolidation and then fell. The decline in spot prices is concentrated in the latter half of the year. According to data monitoring from Business Society, on May 29th, the domestic benchmark price of PA66 mixture was 21600 yuan/ton, with a price level increase or decrease of -5.68% compared to the beginning of the month.

Cause analysis

On the cost side:

In the first half of May, adipic acid was supported by the strengthening of the raw material pure benzene, and the strong cost side supported the market. But as the supply increases, the pressure on adipic acid from the supply side gradually becomes more prominent. The support for PA66 fluctuates as it rises first and then falls. At the same time, the news of a price drop of 1500 yuan/ton by overseas giant NVIDIA in June in the second half of the month has impacted the market in terms of hexamethylene diamine. Coupled with the previous high prices, the focus of the hexamethylene diamine market has significantly fallen due to the dual impact; Overall, the support of costs for the PA66 market has weakened.

In terms of supply:

The operating rate of domestic PA66 production lines remained stable with little movement throughout May. The overall industry load is around 70%. The production of the enterprise is stable, and the accumulation of inventory is average. In the second half of the month, suppliers generally lowered their factory prices, and the support gradually weakened.

In terms of demand:

In May, textile, electrical, and modification enterprises followed a routine in stocking and consumption, while most of the pick-up operations were focused on production. The main force of on-site trading maintains a strong demand for follow-up. In the second half of the month, with the decline of spot prices, the buyer camp is cautious and resistant to high priced sources. The demand side has average support for PA66.

Future Market Forecast

In May, the spot price of PA66 fell from a high level. The raw material market has seen a decline in support for the cost side of PA66. PA66 enterprise has a horizontal load and stable supply. The demand follow-up of terminal enterprises is average. It is expected that the PA66 market will continue to operate weakly in the future.

According to the price monitoring of Business Society, in May, the price of stainless steel first fell and then increased. As of the end of the month, the spot price of stainless steel was 13195.71 yuan/ton, a decrease of 0.09% from the beginning of the month and a year-on-year decrease of 4.08%. Upstream nickel showed a strong overall trend in May. As of the end of the month, the spot nickel quotation was 143583.33 yuan/ton, an increase of 9.69% from the beginning of the month and a year-on-year decrease of 25.74%.

Macro level

The US CPI in April increased by 3.4% year-on-year, while the core CPI growth rate in April decreased from 0.4% in March to 0.3% month on month, marking the first decline in six months and remaining unchanged from the expected 0.3%. This data has strengthened market expectations for the Federal Reserve’s interest rate cut in September. In addition, domestic real estate policies are relatively active. Hangzhou and Xi’an have lifted purchase restrictions, and the national level has issued heavyweight support policies, such as reducing the down payment ratio, canceling the lower limit of real estate interest rates, and lowering housing provident fund loan interest rates, further promoting the rise of non-ferrous metals. However, in late May, the latest meeting minutes released by the Federal Reserve conveyed a hawkish attitude, suggesting that there is still a possibility of future interest rate hikes, which led to a strong rebound in the US dollar index and put pressure on colored prices.

Nickel fundamental surface

Supply side

The fourth largest nickel producing country in the world, New Caledonia, has experienced unrest, forcing the local nickel wet intermediate smelting project to stop production, and the normal operation of mines has also been affected, with almost no production. In addition, the approval of Indonesian nickel mines did not meet expectations. Currently, the three-year approval quota for Indonesian nickel mines by RKAB is 217.6 million wet tons, accounting for approximately 26.21% of the total number of applications approved. The circulation resources of Indonesian nickel mines are relatively scarce. The tight availability of nickel iron circulating resources, combined with these news factors, has helped push nickel prices to a seven month high. There are still electroplating nickel projects in China and Indonesia that are put into operation, and pure nickel production will continue to grow rapidly. The expectation of nickel oversupply remains unchanged, and global inventories continue to accumulate. It is expected that the production in April will further increase to 25900 tons, a month on month increase of 4%. Some nickel manufacturers are still in the stage of increasing production. At the same time, manufacturers that reduced production in March are expected to resume production in April, and the production of newly invested nickel plates is also gradually increasing.

LME nickel inventory slightly increased

As shown in the above figure, in May, LME nickel inventory has slightly increased, as of the end of the month, LME nickel inventory is 83730 tons, up 6.63% from the beginning of the month and 30.51% from the beginning of the year.

On the demand side: Alloy is the main downstream of pure nickel, and there is a very good demand for alloys in military and shipping industries. Enterprises are buying at low prices. The stainless steel factory will resume production in May. The demand for electroplating is relatively stable. The production schedule of the new energy ternary system declined in May.

Stainless steel basic surface

Since May, the stainless steel market has rebounded after a decline. After the May Day holiday, the replenishment progress of the stainless steel market was less than expected, and there was a certain accumulation of market inventory. Subsequently, under the influence of the gradual decline in futures trading, the stainless steel market price followed the trend of weakening and adjustment. Under the influence of Putin’s visit to China and frequent geopolitical conflicts in mid to late October, the overall strength of the non-ferrous metal market has been dominant, with raw material nickel continuing to rise, driving the willingness of the stainless steel market to explore price increases. Although the rise in prices has driven some terminals to accept goods, the overall focus is still on receiving goods in demand, with high-level transactions hindered and the market under pressure rising.

Supply side: Domestic steel mills reduced production in April less than expected, and are expected to resume production in May. According to Mysteel statistics, in April 2024, the crude steel production of 300 series from 43 stainless steel plants in China was 1.6832 million tons, an increase of 4500 tons month on month and 0.27% month on month, an increase of 18.35% year-on-year; In May, the 300 series produced 1.767 million tons, an increase of 4.98% month on month and 9.75% year-on-year. On the Indonesian side, Qingshan and Delong produced 425000 tons in March, 344700 tons in April, and an expected 390000 tons in May.

As of the end of the month, the total inventory of stainless steel was 106.86 tons, a decrease of 3.7% compared to last week, with both cold and hot rolling inventories falling.

On the demand side: In the off-season background, the downstream consumer demand side performs poorly and purchases on demand. The inventory in the market has increased again, the supply of goods is not tight, and steel mills continue to distribute goods within the week. The overall inventory digestion is slow, and merchants are more cautious in purchasing. The current spot circulation resources are relatively sufficient, with complete specifications and acceptable inventory. The downstream sales pressure still exists.

In summary, the disturbance at the mining end has played a certain supporting role in nickel prices, but lacks the driving force of new variables, and the degree of assistance in price increase is limited. The fluctuation of overseas macro expectations, coupled with the overall pressure on the non-ferrous sector, has put pressure on nickel prices in the short term. It is expected that nickel prices will fluctuate weakly in June.

For stainless steel, in May and beyond, as stainless steel production profits shrink again, there is a certain expectation of a reduction in market supply. However, with the increasing impact of the traditional off-season of consumption, the demand side also shows a reduction expectation. In June, considering that the impact of unexpected news gradually dissipates, the subsequent news of US tax hikes on electric vehicles, medical supplies, solar products and other products in China may create a bearish drag on the demand side, increasing the possibility of pressure on the stainless steel industry in June. It is expected that stainless steel prices will fluctuate weakly in June.