Nickel market participants were wait-and-see. Downstream NPI plants saw their profits squeezed, leading to cautious procurement of raw nickel ore, with some plants already implementing production cuts to stem losses.Yesterday, nickel prices exhibited a stronger volatile trend. Production cuts by companies led to a tightening of spot supply, prompting an increase in premiums and discounts for refined nickel across various brands. Driven by the production reductions, manufacturers demonstrated a strong willingness to uphold prices. Spot products at a discount became scarce in the market, and the premium of ex-factory prices over SHFE nickel futures remained high, making traders cautious in their purchasing. In the short term, nickel prices are expected to continue fluctuating near the bottom.