Market news The Philippine government is considering a tax on nickel ore exports. Indonesian ferro nickel tax has not reached a final agreement, is expected to be postponed for two years.
In terms of industry, the national refined nickel output in February was 17,300 tons, up 5.49% month-on-month and 33.9% year-on-year. Some enterprises electrodeposition nickel capacity is still in the expansion stage. Russian nickel imports from overseas markets have arrived, the supply side tends to ease expectations, and domestic nickel inventories are relatively low or bring some support.
In the field of stainless steel, steel mills in February to increase the operating rate, production increased more month on month. Downstream market transaction weak, recovery less than market expectations, stainless steel inventory accumulation, nickel iron supply pressure again. On the whole, nickel supply and demand present a double weak state, and it is estimated that the operating range of NI2304 is mainly 170000 -- 183000.
