Nickel price dropped sharply on June 22

According to the nickel price monitoring of the business club, on the 22nd, the average nickel market price was now quoted at 206300 yuan / ton, down 2.79% from the previous trading day and up 56.8% year-on-year.

 

The currencies of major economies contracted, worries about global economic recession and declining demand rose, and non-ferrous metals generally fell. A large number of nickel ore shipments from the Philippines and the launch of nickel iron production capacity in Indonesia led to an increase in supply, a change in supply and demand pattern and a weakening of nickel price support. The downstream stainless steel plant has raised prices, the spot trading is OK, and the spot price of stainless steel has rebounded. 300 series inventory further decreased, but with the decline of nickel pig iron price, stainless steel cost support also continued to weaken. In addition, most of the steel mills have faced losses. In the future, the steel mills may reduce production or increase production, and the demand for nickel will be weakened.

 

Forecast: under the condition of strong supply and weak demand, the short-term fluctuation of nickel price is mainly weak.

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