1、 Trend analysis

According to the nickel price monitoring of the business society, the nickel price first fell and then rose this week. As of December 24, the spot nickel price was 151000 yuan / ton, up 1.23% from 149160 yuan / ton at the beginning of the week, up 17.85% from the beginning of the year, and up 19.04% year-on-year.

Nickel weekly rise and fall chart

According to the weekly rise and fall chart of business society, in the past 12 weeks, nickel prices rose by 5 and fell by 7, with a wide fluctuation trend recently.

Macro factors: oil prices and stock markets both rose, while industrial metals generally rose.

Nickel industry chain

In terms of supply: the import of nickel ore from the Philippines decreases sharply in the rainy season, but the downstream profit squeeze will be transmitted to the mine end. The recent price reduction of high nickel iron is large, and it runs under pressure.

Downstream: the production and sales of new energy vehicles continued to rise, while the profit of nickel sulfate production was poor. In December, stainless steel production fell, and the demand for nickel weakened.

To sum up: during the rainy season in the Philippines, China’s nickel ore imports decreased sharply. The production and sales of new energy vehicles continued to rise, while at the end of the year, the demand for nickel sulfate by the leading enterprises was sluggish, the production profit of nickel sulfate was poor, and some manufacturers maintained it. Nickel inventory is low, but pure nickel has arrived recently. Nickel prices are expected to remain wide and volatile.