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Nickel Daily: The overall trading activity in China's refined nickel market remains subdued

Source: Mysteel Apr 02, 2026 09:01
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Nickel Demand Price Supply
In Indonesia, for nickel ore used in pyrometallurgical processing, premiums at mainstream smelters remained at US $40-45/wmt, with domestic ore prices still showing upward momentum. In the Philippines, nickel ore trader offers softened slightly, with 1.3% grade quoted at US $48-50/wmt and CIF offers for 1.4% grade at US $71/wmt.SHFE nickel prices traded within a range yesterday, while overall trading activity in China's refined nickel market was subdued. Spot premiums and discounts for various brands held steady with a slight upward bias, as lower-priced resources of SHFE-deliverable eletrowinning nickel became less available, edging up the average quotes from holders. Spot supply remained ample overall, but both traders and downstream enterprises showed limited willingness to build inventories. With considerable macroeconomic uncertainty prevailing, market participants generally adopted a cautious stance and showed little inclination to chase price increases.

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