Nickel Daily: Refined nickel prices continue to edge higher in the near term, with market focus centered on production cuts of nickel intermediates.

Nickel prices continued to rise last week. Early in the week, the market gradually absorbed the new nickel ore pricing policy, and nickel prices pulled back. However, with nickel ore prices remaining strong, downside was limited amid firm bottom support. In the nickel ore market, participants remained cautious, and transactions were relatively difficult. Prices for pyrometallurgical ore held generally steady, with 1.6% grade ore prices remaining in the range of US $69-79/tonne. However, price negotiations for hydrometallurgical ore intensified. In the refined nickel segment, prices continued to edge higher in the near term, with market focus centered on developments in intermediate product production cuts. Spot premiums/discounts for refined nickel remained at low levels. Although rising ore costs disturbed the market, persistently accumulating nickel inventories continued to exert notable downward pressure on prices.

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