Approaching the New Year holiday, the nickel ore market remained largely quiet, with prices holding stable. In Indonesia, the domestic trade benchmark price for January 2026 (Period I) is expected to rise by $0.05-0.08/tonne.SHFE nickel prices surged significantly yesterday. Spot trading for refined nickel was generally muted overall. Spot availability of Jinchuan electrolytic nickel remained tight, and prices for forward-delivery material rose. Spot premiums/discounts for domestic electro-deposited nickel brands, including Huayou, held steady or edged lower. Small inventories of NORNICKEL and Norwegian nickel were available for sale, but transactions were difficult amid high premiums. Currently, the pressure from the nickel surplus remains substantial. However, frequent positive policy signals from the Indonesian government have fueled strong speculative sentiment in the market.