1、 Trend analysis

According to the monitoring of nickel prices by the Business Society, on the 20th, the average spot market price of nickel was 16983.33 yuan/ton, an increase of 2.17% from the previous trading day and a year-on-year decrease of 16.45%. The overnight London nickel fluctuated higher, closing at $20000 per ton, up $110 or 0.55%.

The news stated that Indonesia will no longer issue new mining quotas or further increase them in 2023, which will support nickel mining costs. However, the continued loose supply of pure nickel and weak demand for secondary nickel terminals will drag down nickel prices. Downstream, some steel mills have recently reduced production through maintenance, but stainless steel production was still at a high level in September. The country continues and optimizes the policy of reducing and exempting taxes on the purchase of new energy vehicles. The production and sales of new energy vehicles have warmed up, and some nickel sulfate has been converted to electrowinning nickel. The demand for nickel sulfate is still expected to boost. The frequent occurrence of domestic economic and real estate policies has yet to be verified in terms of improving demand. It is expected that the short-term nickel price will continue to fluctuate widely.