Nickel Daily: Nickel ore premiums remain high, and factories and mines are still negotiating prices under new HPM policy in Indonesia

Indonesia's new HPM policy had officially taken effect, but the execution method for existing contracts remained in transition. Some NPI smelters reported that the execution prices for previously signed nickel ore contracts were temporarily kept unchanged from the first half of April, as the market continued to digest the impact of the new policy. Nickel ore premiums remained high, but factories and mines were still negotiating new prices, and the new premiums had not yet been fully implemented.SHFE nickel prices rose slightly yesterday, while spot trading of refined nickel remained generally poor. Traders had varying holding costs; recently, many had been selling at lower premiums/discounts, while some traders with higher costs faced inventory accumulation and increased capital occupation, mostly adopting a wait-and-see stance until premiums/discounts recovered before selling. Cost-side support still existed.

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