Analysis review

　　Supply and demand: Enterprises in Guangxi, Tianjin, and Shandong continued to stop production from 2021, and enterprises in Gansu, Jilin, and Xinjiang produced normally during the Spring Festival. The overall domestic refined nickel production in January was expected to decrease by 13.86% month-on-month to 12,500 tons, a year-on-year decrease of 3.93%. In February, the production of 300 series stainless steel crude steel was 1.2566 million tons, a decrease of 1.1% month-on-month and an increase of 11.0% year-on-year. In February, the estimated output of ternary precursors in China was 64,500 tons, an increase of 1.1% month-on-month and a year-on-year increase of 51%.Market outlookTo sum up: Nickel metal is currently in short supply, the strong development of terminal new energy vehicles has driven a steady increase in the demand for nickel for batteries, the stock exchange has remained low, and the LME nickel stock has continued to decline, continuing to maintain a new low in the past two years, the pattern of tight nickel supply remains, and the fundamental support is strong. Potential negative factors are that high prices squeeze downstream profits and the release of 1,000 tons of high nickel matte in March. On the whole, it is difficult to alleviate the shortage of pure nickel until the high nickel matte is released in large quantities, and it is expected that the price of nickel will still run at a high level.