Nickel Daily: SHFE nickel prices edge higher, while spot trading for refined nickel is generally cold

Source: Mysteel Jan 23, 2026 09:14

Yesterday, the nickel ore market operated with overall stability and entered a consolidation phase at high levels following several consecutive days of gains. Trading activity subdued as market participants on both sides adopted a more cautious, wait-and-see stance. Mining companies maintained firm offers based on the high-priced deals reached earlier. In Indonesia, nickel ore prices remained stable, with transactions continuing to reference the current HPM for the second half of the month. Market expectations persist that the HPM for February may see another increase, driven by higher nickel prices, which continues to provide underlying support to the market sentiment. Downstream, nickel pig iron (NPI) prices remained firm, supported by high costs. However, the rapid rise in raw material prices has significantly compressed NPI plant margins, leading to weak procurement interest for ore at current price levels.

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Price Curve

Daily Prices

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Nickel ore portside prices: Caofeidian port

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Nickel ore freight rates to China

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