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Nickel Daily: SHFE nickel prices trade with strength, while spot trading for refined nickel is subdued

Source: Mysteel Apr 30, 2026 08:52
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Nickel Demand Price Supply
CIF transaction prices for nickel ore shipped from the Philippines to Indonesia stood at US $55-57/wmt for 1.3% grade, and US $63-65/wmt for 1.4% grade. Cost pressures on Indonesian nickel pig iron continued to intensify. According to feedback from some Indonesian NPI smelters, the all-in cost for Indonesian NPI had risen to around Yuan 1,180/mtu (ex-factory, including tax), resulting in significant cost inversion. Overall, cost-side factors provided strong support for NPI prices.SHFE nickel prices traded with strength yesterday, while spot trading for refined nickel was subdued. Spot premiums/discounts for various refined nickel brands were mostly stable with minor adjustments. Trading activity across the merchant segment was generally weak, with only a small amount of opportunistic buying on dips.

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