1、 Trend analysis
| povidone Iodine |
According to the nickel price monitoring of the business society, the nickel price fluctuated and rose this week. As of December 10, the spot nickel price was 147166.67 yuan / ton, down 1.47% from 149366.67 yuan / ton at the beginning of the week, up 14.85% from the beginning of the week and 18.5% 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 have increased by 4 and decreased by 8, with more or less recent declines.
Macro factors: on December 6, the people’s Bank of China announced that the deposit reserve ratio of financial institutions would be reduced by 0.5 percentage points from December 15 (excluding financial institutions that have implemented the 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions would be 8.4%.
Nickel industry chain
| Sodium Molybdate |
Supply: the Philippines, the main source of nickel ore, has entered the rainy season, and the domestic nickel ore port inventory has entered the seasonal destocking. The output of electrolytic nickel itself remained basically stable, but due to the continuous closure of the import window and the limited import volume, the total supply was slightly tight.
Downstream: in November, the production and sales of automobiles were 2.585 million and 2.522 million respectively, of which the actual sales volume was better than the forecast at the beginning of the month. In terms of growth rate changes, production and sales increased by 10.9% and 8.1% month on month, with a year-on-year decrease of 9.3% and 9.1% respectively. In December, the production of 300 series stainless steel is planned to be reduced by about 100000 tons, which may have a certain impact on nickel consumption.
To sum up: China implements a more loose monetary policy to support metal prices. Nickel supply is tight, and the demand for new energy in the downstream is good, but the consumption of stainless steel in the downstream is weak. It is expected that the nickel price will continue to fluctuate widely.
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