Nickel Daily: SHFE nickel prices trade weaker, with spot transactions for refined nickel generally sluggish

Source: Mysteel Jan 29, 2026 09:09

Yesterday, there were no new tenders for nickel ore, with some mines offering FOB tenders for 1.3% grade nickel ore at around US $40/wmt. In Indonesia, the nickel ore premium for February rose sharply to US $28-32/wmt, reflecting tight supply and providing underlying support to the market. On the downstream side, nickel pig iron (NPI) prices remained firm, supported by high raw material costs. However, the rapid rise in feedstock prices has significantly dampened market willingness to purchase ore at current levels.SHFE nickel prices traded weaker yesterday, with spot transactions for refined nickel generally sluggish. Spot premiums/discounts for most refined nickel brands were mostly lower as traders rolled their quotes to the next front-month contract. Overall, Indonesian-origin Dingxing and Yongheng material, along with the newly available Hanrui nickel plates, traded at deeper discounts.

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Price Curve

Daily Prices

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Nickel ore offer prices: FOB Indonesia

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