May 19, 2024

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Nickel Price Remains Strong

1.Continuous decline in refined nickel stocks.
Due to the rapid development of new energy vehicles, the market is very optimistic about the application of high nickel ternary materials in the future. This has led to a sharp increase in demand for Ni sulfate, especially the high premium of Ni sulfate to metal, which has attracted the attention of the nickel industry giants. For example, BHP plans to produce Ni sulfate in Australia, and Norilsk has signed a partnership agreement with BASF to expand production of Ni sulfate.In domestic, Jinchuan Group also intends to reduce metal nickel production and increase Ni sulfate production. In addition, private enterprises such as Tianjin Maolian, Yantai Keshi and other private enterprises are also planning to stop producing metal nickel to produce nickel sulfate.

However, as most of the above-mentioned enterprises switch to production by smelting intermediate products for nickel sulfate production. Against the background of tight supply of intermediates due to the lack of new potential of nickel sulphide ore resources,there are also some enterprises that choose to use refined nickel stocks for sulfate production. In particular, stocks of nickel beans in LME stocks were down nearly 21000 tonnes from the end of January on Friday, of which 19000 tonnes were nickel beans. Moreover, the modification of import tariff on refined nickel in 2018 in China has also promoted the import demand of domestic enterprises, especially Australia and Madagascar, the major producers of nickel beans and enjoy a zero MFN tax rate. Imports from Australia surged in November 2017, reaching 10, 000 tonnes in December and 8519 tonnes in January, an increase of 930, 000 tons from a year earlier. With the gradual consumption of nickel beans in the future, the long-term accumulation pattern of nickel beans in the world will be changed.With the gradual consumption of nickel beans in the future, the long-term accumulation pattern of nickel beans in the world will be changed.

2.The substitution effect of Ni-Fe is prominent.
PT Sulawesi Mining Investment approved 6 million wet ton nickel export quota, the company is a joint venture between Ding Xin Group and Indonesia’s eight Star Group. So far, Indonesia has approved a total of 34.39 million wet tons of nickel ore quotas, and there will still be new quota approvals in the future.Indonesia exported only 4.33 million wet tons last year, that means Indonesia’s nickel exports are expected to exceed 30 million wet tons in 2018.

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