Nickel Daily: SHFE nickel pull back sharply, but spot trading in the refined nickel market remain inactive

Source: Mysteel May 08, 2026 08:53

In the nickel ore market, Philippine 1.3% grade FOB prices stood at US $39-41/wmt, with CIF offers at US $55/wmt. In addition, crude oil prices had fallen sharply, and freight rate changes remained a factor to watch. In Indonesia, domestic ore pricing methods remained diverged, with fixed prices and "HPM plus premium" operating in parallel. Overall costs remained high but upward momentum had weakened. Hydrometallurgical ore was at US $28-33/wmt, 1.4% grade CIF at US $64/wmt, and 1.5% grade CIF at US $71/wmt. Some smelters transacted using a fixed HPM plus a premium of 7 (excluding additional incentive premiums offered by smelters ).SHFE nickel pulled back sharply yesterday, but spot trading in the refined nickel market remained inactive. Traders and downstream companies adopted a strong wait-and-see stance. Overall market conditions continued their sluggish trend after the Labour Day holiday.

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