SunSirs: The Center of the Nickel Market This Week Had Shifted to a Three-year Low

https://www.chemnet.com   Sep 11,2024 SunSirs

Price trend ??????????????????????????????

According to the monitoring of nickel prices by SunSirs, nickel prices continued to decline this week (9.1-9.9). As of September 9th, spot nickel was quoted at 123,200 RMB/ton, with a weekly decline of 6.43% and a year-on-year decline of 25.97%, hitting a new low since May 2021.

Analysis review??????????????????????

Macroscopically, due to mixed employment data in the United States, the strengthening of the US dollar exchange rate, and the slowdown in manufacturing activity in China, the world's top metal consumer, concerns about global economic growth prospects had intensified. This dragged down the volatility of most varieties in the London metal market and exacerbated the decline in nickel prices.

On the supply side, the domestic supply situation remained relatively loose, and market inventories continued to increase. The trend pressure had not yet eased. As of September 9th, Shanghai nickel inventories were 23,778 tons, an increase of 1,166 tons from the end of August; LME nickel inventory was 121,656 tons, with a weekly increase of 2,340 tons.

On the demand side, the replenishment heat of Gold September was not high, and the price of stainless steel was running weakly at a low level. On September 9th, the benchmark price of stainless steel plates in SunSirs was 12,628.57 RMB/ton, a decrease of 1.01% from the beginning of the month. The demand for alloys in military and shipping industries was still acceptable, and customers purchased mainly on demand.

Market outlook

The macroeconomic sentiment has intensified the downward trend of nickel prices, putting pressure on global inventories, and it is expected that nickel prices will consolidate weakly in the short term.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with?support@sunsirs.com.

 Print  |    add to Favorites  |    Close