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Nickel Daily: Nickel ore market saw quiet trading yesterday but prices remained firm

Source: Mysteel Apr 28, 2025 09:01
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Nickel Demand Price Supply
Yesterday, the nickel ore market remained relatively quiet with no transactions concluded. Chinese plants, facing severe cost inversion due to falling nickel pig iron (NPI) prices, continued to adopt a cautious approach toward nickel ore procurement. In Indonesia, nickel ore supply remained tight. For May (Period I), the domestic base price is expected to drop by around USD 1, while domestic premiums have increased by USD 2 to +2627, resulting in a net price rise of USD 1. Overall, nickel ore prices remained firm.With the SHFE nickel market closed yesterday, most refined nickel traders refrained from offering goods, and spot transactions were scarce. Last week, nickel prices fluctuated, and downstream demand shifted back to mainly essential purchases, leading to overall weak spot transactions for refined nickel. Despite nickel ore prices remaining firm and providing short-term cost support, refined nickel continues to face a supply surplus.

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