The scrap price cuts for high nickel pig iron compared with scrap. This week, the price of stainless steel fell, which led to a decline in the scrap market price. 304 scrap stainless steel fell by nearly 500 yuan/ton from the end of October. However, the high nickel pig iron is currently being purchased.
The price is lowered, but no actual transaction has occurred yet, so the price is temporarily firm. This week, the premium per nickel point of high-nickel pig iron compared with scrap stainless steel has narrowed to about 28 yuan/nickel point. However, the price of high-nickel pig iron is expected to decline due to lower costs and lower acceptance of high prices by steel mills. It is expected that the discount per nickel point of high-nickel pig iron compared with scrap stainless steel will return to the average range in the future, about 60 yuan/nickel point.
This week, high-nickel pig iron has an average premium of 57.8 yuan per nickel point over electrolytic nickel, and the premium continues to expand, rising by 40.5 yuan per nickel point. The price of ferronickel remained high and fluctuated slightly during the week: stainless steel orders weakened, and prices were adjusted back. Overlapped demand for ferronickel was low, exerting greater pressure on the price of high-nickel pig iron.
However, iron plants were more willing to support the price due to cost and supply support. Strong, weak market transactions. The Shanghai nickel disk continued to fall due to the downward impact of black coal and other black products. Superimposed on the weakening of the stainless steel disk, the price of nickel is unlikely to rebound. As of this Friday, it has fallen to the 142,000 line. It is expected that high-nickel pig iron may maintain a premium over electrolytic nickel next week.
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Company Name: Foshan Hermdeco Steel Co., Ltd.
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