Windows are more than just openings in walls; they're portals to the outside world, sources of natural light, and crucial elements of architectural design. Let's explore the various types, features, and benefits of windows.
Types of Windows:
Single-Hung Windows: Consist of two sashes, one fixed and one movable, allowing the bottom sash to slide up to open while the top sash remains stationary.
Double-Hung Windows: Similar to single-hung windows but with both sashes operable, allowing for better ventilation and easier cleaning.
Casement Windows: Hinged on one side and open outward with the help of a crank, providing excellent ventilation and unobstructed views.
Awning Windows: Similar to casement windows but hinged at the top and open outward from the bottom, offering ventilation even during light rain.
Sliding Windows: Feature one or more sashes that slide horizontally to open, making them ideal for tight spaces or where a projecting window might interfere with outdoor activities.
Picture Windows: Fixed windows that don't open, designed to provide unobstructed views and maximize natural light.
Bay Windows: Consist of three or more windows arranged at angles to create a bay space, adding architectural interest and expanding interior space.
Bow Windows: Similar to bay windows but with a curved shape, creating a gentle arc that enhances exterior aesthetics and interior views.
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Nickel Weekly Review
**Summary:**
This week, nickel prices experienced a rebound after a weak start, but inventory levels surged to over 204,000 tons, hitting a record high. Jinchuan’s ex-factory nickel price was reduced from RMB 100,000/ton to RMB 98,000/ton, and the spot market saw a drop of RMB 1,300/ton. Macroeconomic news is expected to continue supporting nickel prices, with forecasts suggesting a potential range of $13,600–$14,500/ton next week.
**I. Analysis and Forecast of Nickel Price Trends**
1. **Review of Nickel Price Movement**
Most of last week, nickel prices remained within the $13,500–$14,000/ton range, closing near last Friday's level. On Monday and Tuesday, prices fell further, reaching as low as $13,460/ton. However, by Wednesday and Thursday, prices rebounded sharply, hitting a high of $14,060/ton. By Friday afternoon, the price stabilized around $14,000/ton. This week, inventories increased again, surpassing 204,000 tons, adding pressure on the market.
In terms of news, China’s official manufacturing PMI improved, while HSBC data came in better than expected. U.S. economic indicators also showed improvement, though the Fed maintained a cautiously optimistic outlook. These factors were generally bullish for the metal market, with copper and other metals gaining strength. Nickel followed suit, rising significantly during late trading on Wednesday and Thursday. However, the increasing inventory levels raised concerns about supply, limiting the upside potential.
2. **Nickel Price Forecast**
July’s official Chinese manufacturing data was positive, indicating continued expansion in production activities among large-scale manufacturers. This suggests that fears of a slowdown in China’s economy may be overblown, which should be a positive signal for the metal market. The focus will now shift to U.S. non-farm payroll data in July, which could be stronger than expected, providing further support to the market.
Additionally, with the Fed recently downgrading its economic assessment, speculation about potential changes to QE remains limited, reducing market panic. As a result, nickel prices are likely to remain strong next week, potentially trading within the $13,600–$14,500/ton range.
**II. Domestic Nickel Market**
1. **Electrolytic Nickel Market**
Jinchuan adjusted its ex-factory price five times this week, with most reductions except for a small increase on Thursday. The final price stood at RMB 98,000/ton, down from RMB 100,000/ton earlier in the week. In the Shanghai market, Jinchuan nickel was priced at 98,300–98,500 yuan/ton, while Russian nickel dropped to 97,200–97,400 yuan/ton, a decrease of about 1,300 yuan/ton compared to last Friday.
Prices fell throughout the week, leading to pessimism among traders. However, a sharp rebound on Wednesday and Thursday boosted confidence. On Thursday, the Shanghai spot market saw increased activity, with both buyers and sellers showing more interest. Overall, trading volumes were limited due to the cautious market sentiment.
2. **Ferronickel Market**
The overall ferronickel price remained stable, with high-grade iron still in short supply. Steel mills found it difficult to secure supplies, prompting Lianzhong Steel to raise its latest inquiry price for high-nickel iron to 960 yuan/nickel (including tax), up 10 yuan/nickel from the previous round.
The main price range for 6–8% nickel-based pig iron was 920–930 yuan/nickel, averaging 925 yuan/nickel. For 4–6% nickel pig iron, the average was 930 yuan/nickel. Low-nickel pig iron (1.5–2.0%) was priced at 2,450–2,500 yuan/ton, while high-nickel pig iron (10–15%) remained below market expectations despite recent price increases. Despite this, some producers have started planning to resume operations, and with new RKEF technologies coming online, supply conditions may improve in the coming weeks.
3. **Domestic Nickel Ore Market**
Nickel ore prices remained relatively stable this week. Although ferronickel prices rose, the actual transaction volume did not follow suit, with port inquiries increasing but deals remaining weak. Some producers believe that raising high-grade nickel ore prices by 20 yuan/nickel is not ideal. As of Friday, 0.9–1.1% nickel ore was priced at 260–280 yuan/wet ton, 1.4–1.6% grade at 160–240 yuan/wet ton, and 1.8–1.9% grade at 340–390 yuan/nickel. Most miners expressed disappointment with the current market and plan to wait and see for a while. It is expected that nickel ore prices will remain stable next week.