1. Trend analysis
According to SunSirs nickel price monitoring, nickel prices rose slightly on the 16th. The spot price of nickel was 132016.67 yuan/ton, an increase of 0.44% from the previous trading day, an increase of 16.08% from the beginning of the year, and a year-on-year increase of 17.84%.
2. Market analysis
Recently, nickel prices have fluctuated upward. The nickel smelter of a subsidiary of Eramet SA in New Caledonia was in short supply due to widespread protests due to the company’s sale of another nickel smelter in the French Pacific. China's domestic auto market sales are expected to reach 25 million vehicles this year. As the world's largest automotive market, China continues to lead the global automotive industry in recovering from the trough that fell during the COVID-19 pandemic. The steel industry in China, the world's largest steel producer, has recovered from the epidemic, and China accounts for 75% of global consumption. The demand for stainless steel has been strong this year, driving up nickel prices.
3. Outlook
Nickel prices are expected to maintain a strong volatility pattern in the near future.
