Nickel Daily: Nickel ore prices recently trend firmer amid limited market resources and Indonesian policy impacts

Amid limited overall market nickel ore resources and Indonesian policy impacts, nickel ore prices recently trended firmer. In the Philippines, mines maintained a firm stance on supporting prices for shipments. Downstream nickel pig iron (NPI) offers rose to Yuan 1,000/mtu (FOB, including delivery and VAT) and above. In Indonesia, the benchmark price for January 2026 (Period II) is projected to increase by US $2.8-4.9/wmt. Regarding domestic premiums, the mainstream level held steady at US $25/wmt, generally within a range of US $25-26/wmt. Facing cost pressures, plants may seek to negotiate these premiums downward.SHFE nickel prices rebounded sharply yesterday. Overall spot trading for refined nickel, however, remained subdued. While Jinchuan's production increased this month, the growth in supply to the trade channel was limited, keeping short-term spot availability relatively tight. The average transaction price yesterday dipped slightly but remained at an elevated level.

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