Chinese nickel cathode consumers watch market
2023-04-20 11:58:06 [Print]
BEIJING (Asian Metal) 20 Apr 23 - Driven by increasing non-ferrous metal prices, the mainstream prices of Chinese nickel cathode stood at RMB201,000-203,000/t (USD29,155-29,445/t) EXW D/P on Wednesday, up by RMB7,500/t (USD1,088/t) from Tuesday. Given that consumers keep watching the market which witnesses sluggish demand at present, insiders believe that the prevailing prices of Chinese nickel cathode would go down in the coming week.
A trader in East China revealed on Wednesday that the weak demand prevails, and their downstream clients basically hold a wait-and-see attitude towards the market this month, and therefore they predict an output of about 270t in April compared to around 350t in March. "We quoted RMB202,000/t (USD29,300/t) EXW D/P for nickel cathode today and marked down the price to RMB201,400/t (USD29,213/t) in the afternoon, but our clients refused to buy at the price, while we could accept the price as low as RMB194,000/t (USD28,140/t) EXW on Tuesday. We didn't close any deal today and sold 3t at RMB194,000/t (USD28,140/t) yesterday", the trader said. Considering that nickel cathode prices rebounded on Wednesday and downstream clients only inquired without intention to purchase, the trader believe that the prevailing prices of Chinese nickel cathode would go down in the coming week.
The trader, based on a regular monthly trading volume of 800t, sold about 3,750t in 2022 and 350t in March 2023. They hold around 18t in stock now and predict to sell about 270t in April.
A consumer in East China said on Wednesday that their nickel cathode consumption would reach about 14t in April, not growing much from around 13t in March. "Our supplier quoted RMB202,500/t (USD29,373/t) delivered D/P for nickel cathode on Wednesday, representing a sharp price increase of RMB7,500/t (USD1,088/t). We intend to watch the market at present and last purchased 2t at RMB194,500/t (USD28,212/t) delivered D/P on Monday", the consumer claimed, adding that they have no intention to buy more nickel cathode beyond orders and predicted that the prevailing prices of Chinese nickel cathode would decline in the coming week.
The consumer, based on an annual consumption capacity of about 260t, consumed about 13t in March and plans to consume nearly 14t in April, holding about 5t in stock now.
A trader in East China revealed on Wednesday that the weak demand prevails, and their downstream clients basically hold a wait-and-see attitude towards the market this month, and therefore they predict an output of about 270t in April compared to around 350t in March. "We quoted RMB202,000/t (USD29,300/t) EXW D/P for nickel cathode today and marked down the price to RMB201,400/t (USD29,213/t) in the afternoon, but our clients refused to buy at the price, while we could accept the price as low as RMB194,000/t (USD28,140/t) EXW on Tuesday. We didn't close any deal today and sold 3t at RMB194,000/t (USD28,140/t) yesterday", the trader said. Considering that nickel cathode prices rebounded on Wednesday and downstream clients only inquired without intention to purchase, the trader believe that the prevailing prices of Chinese nickel cathode would go down in the coming week.
The trader, based on a regular monthly trading volume of 800t, sold about 3,750t in 2022 and 350t in March 2023. They hold around 18t in stock now and predict to sell about 270t in April.
A consumer in East China said on Wednesday that their nickel cathode consumption would reach about 14t in April, not growing much from around 13t in March. "Our supplier quoted RMB202,500/t (USD29,373/t) delivered D/P for nickel cathode on Wednesday, representing a sharp price increase of RMB7,500/t (USD1,088/t). We intend to watch the market at present and last purchased 2t at RMB194,500/t (USD28,212/t) delivered D/P on Monday", the consumer claimed, adding that they have no intention to buy more nickel cathode beyond orders and predicted that the prevailing prices of Chinese nickel cathode would decline in the coming week.
The consumer, based on an annual consumption capacity of about 260t, consumed about 13t in March and plans to consume nearly 14t in April, holding about 5t in stock now.
