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High stainless steel inventory, nickel price running weak in the short term

The recent plunge in crude oil has caused panic in the market. Nonferrous metals have generally fallen, and nickel in Shanghai has fallen more than 3%. At present, the fundamentals of the nickel market are still weak, and the impact of the epidemic on the price of nickel has not yet eased .Stainless steel stocks continue to rise and demand is weak, indicating that the pressure on steel mills and traders is not declining, and also the slow pace of downstream resumption. In addition, from the perspective of stainless steel production scheduling plan, most steel mills have a strong willingness to reduce production and go to storage in March, suppressing nickel demand in March.

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