Nickel prices experienced an upward trend last week, with the most actively traded SHFE nickel contract closing at Yuan 137,100 per tonne on Friday, March 27. In terms of market developments, attention was drawn by Indonesia's proposed windfall tax and export duties on the nickel sector. However, as detailed tax rates have yet to be released, the market remained cautious following the price increase.Nickel sulfate prices remained largely stable last week. On the supply side, geopolitical tensions disrupted shipping through the Strait of Hormuz, leading to tighter sulfur supplya critical input for Indonesia's nickel hydrometallurgical smelting operations. A number of local nickel producers are now facing potential production cuts in April, heightening market concerns over raw material shortages.