According to the nickel price monitoring of business agency, on the 11th, the average price of nickel spot market was 182166.67 yuan / ton, up 4.18% from the previous trading day and 29.17% year-on-year.
On the 11th, the nickel price rebounded at a low level. Recently, the nickel price has continued its low and wide fluctuation trend. The macro environment improved. The CPI of the United States dropped sharply to 8.5% in July. At the end of July, the quarter on quarter CPI rose by 0%, the expected increase was 0.2%, and the previous value rose by 1.2%. The expectation of 75 basis points interest rate hike dropped sharply, the US dollar fell sharply, non-ferrous metals rebounded generally, and LUNI nickel closed up 4.5% overnight. The production capacity of Indonesian nickel ore and ferronickel in the overseas market has increased rapidly. Recently, the profit window of refined nickel import has been continuously opened, and the domestic electrolytic nickel supply is expected to be loose. In July, the apparent consumption of domestic nickel rebounded compared with the previous period, and the domestic pure nickel inventory was in an absolute position. In addition, the recovery of overseas nickel mines eased the tight situation. Indonesian nickel iron, wet intermediate products and high matte nickel gradually flowed in, and the excess pressure on the supply side remained unchanged. Due to the implementation of production reduction in the downstream stainless steel, the high inventory has gone through certain decontamination, but the overall demand is still less than expected.
Forecast: the supply and demand of nickel tends to be loose, and it is expected that the nickel price will remain low and fluctuate widely.