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Nickel Daily: SHFE nickel prices pull back in a range , while spot trading for refined nickel remain generally subdued

Source: Mysteel May 22, 2026 08:55
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Nickel Demand Price Supply
Philippine nickel ore prices still had room to decline, with FOB transactions for 1.3% grade ore concluded at US $34/wmt. Indonesian domestic ore prices, however, remained high, with the fixed price for 1.5% grade at around US $71/wmt, providing some support to NPI costs.SHFE nickel prices pulled back in a range yesterday, while spot trading for refined nickel remained generally subdued. Spot premiums/discounts for various refined nickel brands held mostly steady, with Jinchuan electrolytic nickel and some non-standard brands seeing small declines. Supply-side disruptions continued to build: Indonesia's Ministry of Energy and Mineral Resources had imposed temporary operating freezes on mining companies that had not submitted their 2026 RKAB applications.

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