In Indonesia, nickel ore supply tightened further, with NPI smelters facing difficulties in securing ore, raising the likelihood of further increases in domestic ore prices. In the Philippines, nickel ore trader offers softened slightly, and this eased some of the cost pressure on NPI smelters.Trading activity in the refined nickel market remained subdued yesterday, with downstream purchases largely limited to immediate needs and traders continuing to face selling pressure. During the morning session, SHFE nickel moved lower, prompting holders to lower their spot premiums modestly to encourage transactions. However, market inquiries remained limited, and overall trading stayed lukewarm. As the Qingming holiday approached, risk-averse sentiment grew among market participants. Most downstream processors and end-users chose to stay on the sidelines, showing little interest in building inventories, with only a few buyers making small purchases at lower prices.