Nickel Market Update

Advisory Bazaar Info Services

🔹 Indonesia: APNI recommended keeping the 2026 Nickel Ore RKAB at 270 million WMT with an additional 30 million MT strategic buffer, taking the potential total quota to around 300 million WMT. Higher quotas could increase supply pressure on nickel prices.

🔹 SHFE Nickel: 2609 contract fell 1.12% to ¥127,300/MT. Short-term range: ¥125,000–130,000/MT.

🔹 Spot Nickel: SMM #1 Nickel averaged ¥127,800/MT, down ¥950 from the previous session.

🔹 NPI & Stainless Steel: Weak demand and expectations of higher supply are keeping pressure on the market. Stainless steel also remains under pressure in the short term.

🔹 Nickel Ore: Supply remains ample in Indonesia and the Philippines, while Chinese buying remains cautious.

📌 Outlook: Nickel is expected to remain weak to sideways in the short term, with focus on Indonesia’s RKAB approvals and China’s downstream demand.