Stainless steel runs smoothly and nickel demand remains strong.
At the macro level, economic expectations are heating up, domestic economic conditions are improving, and market sentiment is optimistic.
In terms of industry, nickel ore supplies are tight and the price remains high. Ferronickel plants do not wish to ship goods at a loss, while stainless steel orders are good and prices remain stable
In general, the demand for nickel in the downstream industry is still guaranteed, and the Shanghai nickel market should not be pessimistic. The reference range of Shanghai Nickel 2102 contract is 115,000-123,000 yuan/ton, and the reference range of SS2102 contract is 1,3000-13600 yuan/ton.
In terms of operation, Shanghai nickel is long on dips, while stainless steel is on the sidelines.
Uncertainty risks: epidemic development, overseas economic stimulus policies, nickel resource imports, changes in stainless steel capacity utilization
One
Market review
Nickel prices dropped overall this week. Although the macro environment is generally positive, the continuous rise of the metal sector in the early stage has caused a phased correction in the sector, which has brought certain pressure on the nickel price. In addition, the industry is generally stable and there is no obvious good news for the time being. The transaction price of ferronickel is still at a low level, only nickel ore still has support.
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two
Analysis of price influence factors
1. Macro aspect
1.1. Overseas: Fiscal policy is expected to heat up, and the macro environment continues to warm up
Pfizer halved vaccine production in half a year, which once disturbed the market. OPEC’s production growth slowed down, and rising oil prices pushed up inflation expectations.
US President-elect Joe Biden nominated former Federal Reserve Chairman Janet Yellen as a candidate for finance minister, is conducive to the subsequent fiscal policies. The two parties in the United States jointly proposed a fiscal stimulus agreement, and the probability of fiscal stimulus increased during the year. U.S. manufacturing data has fallen, non-agricultural employment has been significantly lower than expected, the impact of the second outbreak of the epidemic is showing, and it
On the macro level, expectations of overseas fiscal stimulus heat up, the domestic economy continues to improve, and market sentiment tends to be optimistic. In terms of industry, the supply of nickel ore is tight and the prices remain high. Ferronickel plants are not willing to ship goods at a loss, and stainless steel orders are better and prices remain stable. In general, the demand for nickel in the downstream industry is still guaranteed, and the Shanghai nickel market should not be pessimistic. The reference range of Shanghai Nickel 2102 contract is 115,000-123,000 yuan/ton, and the reference range of SS2102 contract is 1,3000-13600 yuan/ton.
In terms of operation, Shanghai nickel is long on dips, while stainless steel is on the sidelines.
(Editor in charge: Chen Zhuang)