镍周报（24.12.30-25.1.3）：镍价回吐此前涨幅

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

镍周报（24.12.30-25.1.3）：镍价回吐此前涨幅

2025-01-14 09:10:39 来源：北方有色网责任编辑：管理员

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本周（24.12.30-25.1.3）镍价持续回落，主要受到宏观面和基本面的双重影响。宏观方面，美元指数震荡上涨压制大宗商品，镍价受此影响表现疲弱。基本面缺乏明显波动，但过剩格局持续压制价格，镍价宽幅回吐前期涨幅。

基本面上，印尼镍矿价格维持坚挺，1月印尼镍矿绝对价格有望持稳，但政策端扰动风险仍存。下一步要密切关注印尼镍矿政策变动，矿端支撑之下镍价边际维持坚挺。

精炼镍方面，周内镍价宽幅回落，年底清仓结账的贸易商新进资源尚未到货，但下游需求端整体一般，整体处于供需两弱，升贴水维持震荡。内外方面，内外价差持续收窄，住友资源进口窗口打开，LME镍库存转向垒库，国内持续出口背景下LME压力持续增加。

镍铁方面，周内镍铁价格持稳运行，下游不锈钢表现疲弱，但镍矿持稳背景下镍铁下跌空间有限，价格持稳运行。1-2月钢厂面临季节性减产，镍铁远期依旧存在压力，预计短期镍铁价格维持弱稳。

硫酸镍方面，硫酸镍疲弱持续，价格维持低位平稳。原料端中间品维持偏高系数。由于盐厂利润倒挂严重，目前挺价心态较强，但下游同样疲弱，供需双弱价格表现僵持。短期硫酸镍缺乏驱动，整体波动有限，价格维持成本定价。

综合来看，目前镍基本面尚无明显变化，矿端支撑之下镍价边际整体坚挺。短期镍价深跌后有成本线的支撑，价格继续下跌存在压力，价格维持震荡。中长期产业过剩压制，边际有下移趋势。但目前宏观方面依旧存在支撑，镍价震荡区间或有小幅上移，下周镍价或在12-12.8万元/吨区间内宽幅震荡。

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镍周报（24.12.30-25.1.3）：镍价回吐此前涨幅

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