Menu
In the last five trading days, average nickel prices were flat at USD 15,182/ton (-0.4% WoW). This week, nickel prices were influenced by increased downstream stockpiling at low prices and macroeconomic factors. However, weak demand from sectors like stainless steel, batteries, and alloys limited any significant upward trend.
During the week, NPI prices weakened further, averaging CNY 940.1/mtu (-0.3% WoW) driven by stable domestic production and rising Indonesian output that kept supply pressure high. However, demand showed recovery as stainless steel prices stabilized, with steel mills favoring long-term contracts. Newly added electric nickel projects overseas are still in ramp-up phase, while downstream demand has not shown significant growth, causing the nickel market to remain oversupplied.
We maintain our FY24 nickel price forecast at USD 16,850/ton (YTD: USD 16,844/ton) and FY25 projection at USD 15,500/ton, reflecting global pressure and uncertain supply-demand dynamics. Stock-wise, we retain NCKL as our top pick, supported by anticipated earnings growth from capacity expansion and industry-low cash costs, with TP of IDR 1,200 (FY25 P/E: 10.3x).
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
Notifications
