Nickel: The supply of nickel plates is climbing, and the mid-term low inventory premium may decline; Stainless steel - downstream just needs to be restocked, there is still support below the cost

Yesterday, nickel prices closed down 2.60% to 167620 yuan/ton. The ternary demand for new energy is relatively limited, and there may be a reduction in production of nickel sulfate in the short term. At the same time, some domestic nickel plate production lines are gradually expanding, and the supply of nickel plates is expected to be relatively loose. Low inventory may give Shanghai Nickel a premium over other nickel products, which may have room for decline. From the perspective of downstream stainless steel, yesterday's steel price fell by 0.38% to 15750 yuan/ton. This week, the downstream just needs to stock up, and the inventory center has slightly shifted downwards. However, the current stock volume of the Golden Nine Silver Ten is currently lower than expected, and it is recommended to continue to pay attention in the future. According to a survey conducted by the Steel Union, the total social inventory of stainless steel in China is 1.0331 million tons, a decrease of 1.04% on a weekly basis. The expected decline in Indonesian nickel ore supply may have an impact on the nickel iron balance, and there may be a possibility of easing the nickel iron surplus. It is expected that the cost expectation may provide support below the steel price.