According to the monitoring of nickel prices by the Business Society, on the 11th, the average spot market price of nickel was 178466.67 yuan/ton, a decrease of 4.79% from the previous trading day and a year-on-year decrease of 17.76%.
Driven by CPI data and the US debt ceiling crisis, safe haven rose sharply, with overnight Lunni leading a decline of 4.32%. The taxation of nickel iron in the overseas markets of the Philippines and Indonesia has not yet been finally implemented. The domestic refined nickel production capacity continues to climb, but the driving force behind the narrowing of nickel electrowinning profits has weakened, and low pure nickel inventory may provide some support. In the downstream stainless steel field, steel mills resumed production more in April, but there was not much significant increase in demand, resulting in a slower pace of stainless steel inventory reduction. The improvement of nickel supply and demand structure is limited, and it is expected that nickel will mainly experience weak fluctuations.
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