1、 Trend analysis
According to the nickel price monitoring of the trading society, on the 2nd, the average price of nickel in the spot market was 166683.33 yuan / ton, down 3.16% from the previous trading day and up 12.08% year-on-year.
Nickel price has a weak trend in recent shocks. The expectation of raising interest rates boosted the US dollar, and LUNI nickel closed down more than 4% overnight. The slowdown of the global economic rhythm led to a sharp drop in metal demand. In August, the output of steel mills with power rationing and maintenance decreased. The weak supply and demand dragged nickel prices down. Domestic nickel production is at the highest level in the past years, and there are many inventory resources. From the perspective of downstream stainless steel, the pessimism in the downstream has recovered, seasonal consumption may improve, and the demand for replenishment just needs to pick up. On August 30, Inner Mongolia issued the notice on canceling the preferential power price policy, which will be implemented from September 1. After the implementation, the electricity price in East Mongolia may increase by 0.02 yuan to about 0.43-0.45 yuan / kWh. In 2022, the output of nickel pig iron and nickel metal of Inner Mongolia nickel iron plant will account for about 4% of the country, with limited impact. With loose supply and weak demand, the nickel price still maintains a wide fluctuation trend in the short term.
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