The nickel market rebounded slightly this week (12.7-12.13). According to the monitoring of nickel prices by Shengyi Society, as of December 13th, spot nickel prices were reported at 130641 yuan/ton, with a weekly increase of 2.63%.
Macroscopic aspect: From December 11 to 12, the Central Economic Work Conference determined that the monetary policy in 2025 should be “moderately loose”, the fiscal policy should be more forceful and awesome, and the policy “combination fist” should be played well to boost confidence of all parties. Supporting the rebound of nickel prices.
On the supply side: The global nickel supply surplus continues, with Russia’s major producer Nornickel stating on Tuesday that the global nickel surplus will remain at around 150000 tons by 2025. Shanghai nickel and London nickel inventories are under pressure, and weekly growth has weakened. As of December 13th, the inventory of Shanghai nickel warehouse receipts was 30564 tons, an increase of 985 tons during the week; On December 13th, LME nickel inventory was 164508 tons, an increase of 756 tons for the week.
On the demand side: Electroplating and alloy consumption remain stable, while stainless steel maintains a state of “high output+high inventory+demand neutrality”, with weak fluctuations. We look forward to favorable support from policy meetings. As of December 13th, the reference price for stainless steel in Shengyi Society was 13192.5 yuan/ton, a decrease of 1.22% from the beginning of the month.
Market forecast: There is no significant improvement in demand, buying at low prices, and inventory pressure. There is significant resistance to the upward movement of nickel prices, and it is expected that macroeconomic policy benefits will continue. It is expected that nickel prices will fluctuate in the short term.
| http://www.pva-china.net |