Yesterday, SHFE nickel prices edged down slightly, and trading activity in the nickel ore market remained subdued. Philippine miners had yet to announce new tenders, while traders showed strong price-supporting intentions. In China, market participants largely adopt a cautious stance now, with nickel ore transaction willingness remaining low as the Chinese New Year approaches.For refined nickel, spot transactions were mainly concentrated in Russian nickel and Huayou's electrolytic nickel. Jinchuan's ex-factory premium over SHFE nickel prices was further reduced, but market offers remained firm, supported by high procurement costs. Overall, trading activity remained lackluster.