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Nickel Total Stock Continues To Decline In Shanghai NI Existence Callback Demand

- Aug 24, 2017 -

From July to August this year, nickel prices rose rapidly in the non-ferrous metals before the rise. The reason for the rise of nickel price is manifold: first, our country steadily to good macro-economy to drive commodity market overall to good; second, the nickel price after the first half of the fall, in this year's relatively is low; again, downstream stainless steel low inventory caused by the replenishment of the market, led to increase in stainless steel production; Finally, the supply side reform and environmental inspection and other policy factors also help to push the rise of non-ferrous metals such as nickel.

Economic growth exceeds expectations

At present, the nickel spot market in China shows a great increase in price year-on-year, and the industry profit has increased markedly, which is closely related to the steady development of macroeconomic enterprises and the continuous improvement of supply side structural reform. The first half of China's GDP growth rate exceeded market expectations, industrial value, fixed assets investment growth, power generation and other key economic indicators are significantly better than the same period last year. The real economy has driven the demand of non-ferrous metals such as nickel, which has affected the price trend.

Total nickel inventories continue to fall

In the early August, Shanghai Nickel plus a total of 510,000 tons of nickel, compared with the early July to reduce 22400 tons. Among them, the Chinese region reduced 23,300 tons, LME inventories increased by 858 tons. China's regional inventories have continued to decline this year, down 69,000 tonnes since the end of August, and the decrease in the stock of nickel in Shanghai is mainly due to increased purchases of downstream stainless steel plants. LME inventories did not increase significantly because the first half of the international refining nickel production declined slightly, and the international nickel demand is in the growth state.

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