Nickel Daily: SHFE nickel prices continue to strengthen, while the spot trading of refined nickel remain generally subdued

Source: Mysteel Apr 16, 2026 09:04

Indonesia's new HPM pricing regulation officially took effect yesterday, becoming the core driver of the market. In the Philippines, nickel ore quotes showed signs of loosening, with FOB offers for 1.3% grade at US $4749/wmt, CIF transaction prices for 1.3% grade at US $61/wmt, and CIF transaction prices for 1.4% grade at US $69/wmt. Meanwhile, Indonesian NPI smelters offered at Yuan 1,100-1,120/mtu (including delivery and VAT), while traders offered high-grade NPI at Yuan 1,090-1,100/mtu (including delivery and VAT). NPI offers edged up slightly, and market players were wait-and-see.SHFE nickel prices continued to strengthen yesterday, while spot trading of refined nickel remained generally subdued. Following consecutive price increases, producers showed strong willingness to sell, increasing market circulating supply.

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