Chinese nickel cathode market deals pick up slightly
2023-03-03 11:54:20 [Print]
BEIJING (Asian Metal) 3 Mar 23 - Stimulated by the decline of nickel cathode prices this week, the enthusiasm of downstream consumers for replenishment increases. On Thursday, mainstream prices for Chinese nickel cathode 99.96%min hovered at RMB195,500-196,500/t (USD28,269-28,414/t) EXW D/P, down by RMB5,300/t (USD766/t) from Wednesday. Insiders noted that at present the nickel cathode market is in sufficient supply, and although end consumers begin to replenish their stocks, they keep still cautious in purchasing generally, and expect that prices for Chinese nickel cathode might go down in the coming week.
A trader in East China reported that stimulated by the continuous decline in nickel cathode prices, this week their customers' purchasing enthusiasm increased, and the sales volume this week increased by about 10% compared with last week. "We sold 10t of nickel cathode at RMB196,000/t (USD28,342/t) delivered on Thursday and 3t at the price of RMB201,500/t (USD29,137/t) delivered D/P on Wednesday", the source said, adding that although the current supply of nickel cathode market remains sufficient, consumers are still cautious in replenishing the stocks, and expects that prices for Chinese nickel cathode would drop in the following week.
Based on a monthly trading volume of about 1,000t, the trader sold around 500t in February and expects to see a sales volume of 600t or so in March, holding about 30t of stocks for the moment.
Another trader in East China claimed that the nickel cathode market saw sufficient supply this week with nickel prices continuing to weaken, and their sales volume this week increased by about 10% compared with last week. "We could accept the price of RMB195,500/t (USD28,269/t) delivered D/P for spot nickel cathode on Thursday and RMB201,000/t (USD29,065/t) delivered D/P on Wednesday. We sold 4.5t at the price of RMB195,500/t (USD28,269/t) delivered D/P today and 3t at RMB201,000/t (USD29,065/t) delivered D/P yesterday", the source mentioned, adding that although the enthusiasm of downstream customers to replenish the stock increased, they all purchased according to orders and did not make purchases in large volumes, and predicts that prices for Chinese nickel cathode would move down in the upcoming week.
With a monthly trading volume of about 800t, the trader saw a trading volume of 3,750t or so in 2022. They sold around 280t in February and expects to sell 350t in March, holding about 10t of stocks for the time being.
A trader in East China reported that stimulated by the continuous decline in nickel cathode prices, this week their customers' purchasing enthusiasm increased, and the sales volume this week increased by about 10% compared with last week. "We sold 10t of nickel cathode at RMB196,000/t (USD28,342/t) delivered on Thursday and 3t at the price of RMB201,500/t (USD29,137/t) delivered D/P on Wednesday", the source said, adding that although the current supply of nickel cathode market remains sufficient, consumers are still cautious in replenishing the stocks, and expects that prices for Chinese nickel cathode would drop in the following week.
Based on a monthly trading volume of about 1,000t, the trader sold around 500t in February and expects to see a sales volume of 600t or so in March, holding about 30t of stocks for the moment.
Another trader in East China claimed that the nickel cathode market saw sufficient supply this week with nickel prices continuing to weaken, and their sales volume this week increased by about 10% compared with last week. "We could accept the price of RMB195,500/t (USD28,269/t) delivered D/P for spot nickel cathode on Thursday and RMB201,000/t (USD29,065/t) delivered D/P on Wednesday. We sold 4.5t at the price of RMB195,500/t (USD28,269/t) delivered D/P today and 3t at RMB201,000/t (USD29,065/t) delivered D/P yesterday", the source mentioned, adding that although the enthusiasm of downstream customers to replenish the stock increased, they all purchased according to orders and did not make purchases in large volumes, and predicts that prices for Chinese nickel cathode would move down in the upcoming week.
With a monthly trading volume of about 800t, the trader saw a trading volume of 3,750t or so in 2022. They sold around 280t in February and expects to sell 350t in March, holding about 10t of stocks for the time being.
