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Nickel Daily: Nickel prices to remain range-bound in the near term

Source: Mysteel Dec 04, 2025 09:08
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Nickel Demand Price Supply
The nickel ore market saw subdued trading activity yesterday, with most participants adopting a wait-and-see attitude, putting downward pressure on nickel ore prices. In the Philippines, mines in the northern region have yet to initiate new tenders. Downstream, nickel pig iron (NPI) plants continued to operate at a loss.SHFE nickel futures prices trended firmer yesterday, although spot trading of refined nickel remained generally muted. Spot premiums and discounts for most refined nickel brands were largely stable, while increased supply of Jinchuan electro-deposited nickel from producers led to a slight decline in its market premium. China's refined nickel production in November was 28,392 tonnes, a decrease of 14.85% month-on-month, indicating a narrowing of the supply surplus. However, spot supply in the market remains relatively ample overall. Nickel prices are expected to remain range-bound in the near term.

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