Nickel Daily: SHFE nickel prices decline substantially amid a significant cooling of market sentiment

Recently, overall nickel ore resources in the market have been limited, and coupled with the influence of macro policies, nickel ore prices have experienced a slight increase. In the Philippines, the tender for 1.25% grade nickel ore from the Benguet mine was concluded at US $32.5/wmt , representing an increase from the previous period. Mines demonstrated a strong willingness to support prices during shipments.Yesterday, during a public performance briefing, Indonesia's Minister of Energy and Mineral Resources did not provide a clear conclusion regarding the specific volume of the 2026 nickel ore quota. This outcome failed to confirm earlier market expectations of a tightening ore supply, leading to a significant cooling of market sentiment. Consequently, SHFE nickel prices declined substantially during the session. In contrast, spot trading for refined nickel showed slight improvement.

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