Nickel Daily: SHFE nickel prices edge lower, while overall spot trading for refined nickel is subdued

Yesterday, wait-and-see sentiment was pronounced in the nickel ore market, though the overall bullish outlook persisted. In the Philippines, mines maintained their price-supporting stance. With limited circulating resources available, current market conditions were anchored by the relatively high tender prices concluded last week. In Indonesia, major participants were still digesting and operating under the new second-half-month benchmark prices, keeping overall prices stable. Negotiations between mainstream plants and miners over premiums remained unchanged, resulting in muted trading activity. Most market participants were still adapting to the adjusted price system, exercising caution in actual procurement. SHFE nickel prices edged lower yesterday. Overall spot trading for refined nickel was subdued. Spot premiums for Jinchuan nickel, supported by its official ex-factory price, rebounded again. Premiums for Norwegian nickel followed with a slight increase.

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