Nickel prices fluctuated upward last week, with the most-traded SHFE nickel contract closing at Yuan 137,100/tonne on Friday (March 27). In terms of market news, Indonesia's plans to impose windfall taxes and export duties on the nickel industry drew market attention.However, as no detailed tax schedule were disclosed, the market was cautious after the nickel price rose.For nickel ore, the possibility of an unexpected release of nickel ore quotas was relatively small. The bullish sentiment for Indonesian nickel ore in the spot market remained strong, and the premiums for nickel ore gradually increased to around US $50/wmt. Market transactions remained subdued in the refined nickel market, and downstream buyers purchased on demand. Supply-side pressures persisted amid ample overall market availability, prompting noticeable downward adjustments in premiums for certain brands.