Nickel Daily: SHFE nickel prices edge down slightly, while spot trading for refined nickel remain generally subdued

Source: Mysteel May 29, 2026 09:01

For nickel ore, Philippine nickel ore prices continued the weak trend. FOB offers for 1.3% grade remained in the range of US $34-38/wmt, while sea freight weakened, further easing landed costs. Indonesian domestic ore prices faced pressure, with expectations for 1.4% grade prices lowered to the US $58-60/wmt range, further weakening cost support.SHFE nickel prices edged down slightly yesterday, while spot trading for refined nickel remained generally subdued. Spot premiums/discounts for various refined nickel brands were adjusted lower to account for the month-end spread. On the inventory front, SHFE warrant stocks and social inventories in China remained high, keeping spot digestion pressure elevated. Overall, the refined nickel spot market remained in a state of long-short stalemate, with expectations of supply tightening and cost fundamentals providing bottom support for nickel prices.

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