crashbandicootracingps5| "Jinchuan Brand" nickel prices break through new highs: production cuts drive up costs, and improved demand brings market opportunities

News summary

Nickel prices have exceeded a half-year high. Domestic nickel mines rely on Indonesia, and the five major overseas nickel companies have reduced production and are cost-sensitive. Demand has improved, and new energy has driven demand for high-nickel products. Russian nickel was subject to sanctions, and domestic refined nickel exports increased by 74% year-on-year.

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Stainless steel and nickel industries have recently shown different upward trajectories []

Nickel market affected by macro factorscrashbandicootracingps5The significant impact of overseas cost and the overall premium of non-ferrous metals have become the main driving forces. Domestic nickel mines are extremely dependent on Indonesia, which has led to production cuts by the five major overseas nickel companies due to low prices at the beginning of the year. Restrictions on Indonesia's supply quotas have exacerbated cost sensitivity. Although new energy companies 'nickel wet process intermediate projects continue to be put into production and the cumulative inventory of nickel plates has increased, nickel prices still hit a half-year high.

Although the stainless steel industry has risen simultaneously, its driving force is different from that of the nickel market. The domestic mainstream refined nickel spot price dropped slightly by 3000 yuan in this period, and the domestic Jinchuan brand price stabilized at 15.crashbandicootracingps5.30,000 yuan, while other brands are around 150,000 yuan. The current current price difference remains balanced.

In the first quarter, due to the continued low nickel prices, overseas nickel companies generally reduced production. Indonesia's RKAB approval quota grew slowly, and cost-end prices increased significantly.

On the demand side, with the advancement of low-altitude economy and solid-state battery research and development, the demand for high-nickel/ultra-high nickel products and nickel-based materials has increased significantly, and the demand situation has improved compared with the previous period.

In the export field, as Russian nickel is restricted by sanctions from Europe and the United States, domestic refined nickel faces opportunities in overseas markets. China's refined nickel exports in the first four months reached approximately 21,600 tons, a year-on-year increase of 74%.