Most LME metals rose, domestic and foreign nickel ores were flat, and ferronickel prices were flat. The Philippines is about to enter the rainy season, nickel ore prices are firm, and Indonesian nickel ore prices are also at a premium, which provides certain support for nickel prices. Pure nickel production capacity at home and abroad has been put into operation one after another, the supply of nickel has increased, and the risk of structural excess has intensified. The downstream electroplating industry has entered the off-season and demand has weakened. LME nickel inventories have increased to a new high in the past two months, and Shanghai nickel inventories have reached a new high in the past year. Supply has increased. It is beginning to be reflected in inventories, and it is expected that short-term nickel prices will be under pressure.
Generally speaking, the current strong performance of raw material prices and the high production costs of steel mills have made steel mills have a strong price support mentality and have introduced price limits and maintenance measures. However, the high supply from steel mills also tests the strength of downstream peak season demand performance. The long-short game is getting more intense. Pay attention to the terminal procurement situation after price adjustment.
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