Nickel&stainless steel weekly report: domestic expectation is weakening, and stainless steel has a high callback

Nickel&stainless steel weekly report: domestic expectation is weakening, and stainless steel has a high callback. On the macro level, the US Federal Reserve’s dot matrix was slightly higher than expected, and some officials said they were more hawkish after the meeting, or suppressed commodity prices to some extent; The domestic economic data shows that the national economy continues to be weak, and relevant meetings have boosted market expectations. However, the impact of the epidemic disturbance is expanding, which also has a certain impact on optimistic expectations. It is expected that the nickel and stainless steel market in the future will suffer more macro disturbances.
In terms of industry, the spot price of pure nickel continues to operate at a high level, and the contradiction between the shortage of supply and the weak transaction continues. It is expected that the market fluctuation will intensify in the future; In terms of nickel ore, the mine is determined to support the price. Negative feedback is difficult to get through the nickel ore link. High price nickel ore supports the cost of the industrial chain; In terms of ferronickel, the market transaction has recovered, but as the pre holiday procurement of steel mills is nearing the end, it is expected that the market activity of ferronickel in the future may decline; In terms of stainless steel, due to the expected weakening, there is a strong short selling sentiment. The market’s judgment on the future domestic economy may become the main factor affecting the price of stainless steel.
In general, although the fundamental contradiction in nickel market has intensified, overseas interest rate increases have been implemented, domestic economic recovery is expected to weaken, and macro factors dominate the market. Nickel and stainless steel may weaken in the future. Shanghai Nickel 2301 reference range is 210000-225000 yuan/ton. The reference range of SS2301 is 16000-17500 yuan/ton.