Nickel Daily: SHFE nickel prices trade in a range before rallying sharply, influenced by news from Indonesia

Source: Mysteel May 20, 2026 09:07

Nickel ore prices in the Philippines weakened notably. In the Philippines, FOB offers for 1.3% grade 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 models remained diverged, with fixed prices and HPM plus premium operating in parallel.Yesterday, SHFE nickel prices traded in a range before rallying sharply late in the session, influenced by news from Indonesia. Spot premiums/discounts for various refined nickel brands held mostly steady, and spot trading saw no notable improvement. Refined nickel inventories remained high, with spot resources generally ample. On the cost side, the implementation of Indonesia's new HPM benchmark price policy had pushed ore prices higher. Expectations of sulfur supply tightness and production cuts in hydrometallurgical refining persisted, but high prices had significantly dampened downstream purchasing interest.

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