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Analysts: Short-term stainless steel prices will remain sluggish

Recently, market participants and futures company researchers have analyzed and exchanged information on the current stainless steel market.
Nickel prices fall, stocks of stainless steel are plentiful
From a global perspective, China's nickel resources are relatively low, and mainly sulfide ore, which is difficult to mine and costs are on the high side. The main reserves of nickel ore in China are in Gansu, accounting for 62%. In 2019, the global primary nickel output was 2.42 million tons, and the domestic output was 805,000 tons, accounting for about 33.3%. In 2019, the primary nickel consumption was 2.46 million tons, and the domestic demand was 1.307 million tons, an increase of 11.0% year-on-year. Due to the continuous release of domestic stainless steel production capacity, China's primary nickel demand will rise in 2020. In addition, the current shortage of Indonesian nickel ore exports is difficult to make up for in other regions. The nickel resources in the Philippines are facing depletion. Guatemala's freight to China is relatively high and there is no price advantage.

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