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Nickel Daily: SHFE nickel futures prices remain strong, while spot trading of refined nickel is generally muted

Source: Mysteel Dec 03, 2025 09:07
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Nickel Demand Price Supply
The nickel ore market was relatively quiet yesterday. Last week, an Indonesian plant concluded a tender for 1.4% nickel ore in the Philippines at $50/wmt, representing a slight decline from the previous round. Transactions for 1.3% nickel ore were settled at $43/wmt.SHFE nickel futures prices fluctuated but remained strong yesterday. Spot trading of refined nickel was generally muted, with premiums and discounts for most brands holding steady overall. Jinchuan electro-deposited nickel remained scarce in Shanghai's spot market, leading to a slight increase in its premium, with most available resources offered for self-pickup from Jinchang. Some traders sold small inventories of Norwegian resources, which were mostly sold out within the day, causing a significant upward shift in the transaction focus for its premium. Premiums and discounts for other brands remained largely stable.

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