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Nickel Daily: Nickel prices to remain rangebound in the near term

Source: Mysteel Apr 08, 2026 09:01
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Nickel Demand Price Supply
In Indonesia, approved RKAB nickel ore quotas reached 200 million tonnes, though some mines had yet to receive approvals. Nickel ore premiums for April showed divergence: premiums for mainstream smelter purchases held steady at US $4045/wmt, while some mines offered as high as US $50/wmt. Meanwhile, increased rainfall in Sulawesi had impacted ore shipping, and precipitation was expected to continue rising in April. Overall, the tight nickel ore supply situation was unlikely to ease in the near term. In the Philippines, nickel ore quotes showed signs of loosening, with offers for 1.3% grade at US $4850/wmt and CIF acceptance offers for 1.4% grade at US $68/wmt.SHFE nickel prices traded in a weak range yesterday. With recent nickel price weakness, most downstream companies were in no rush to build inventories, largely purchasing according to production schedules, leaving overall trading activity subdued.

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