Nickel prices experienced a downward trend with fluctuations last week. By Friday (April 3), the SHFE nickel contract settled at Yuan 133,990 per tonne. On the macroeconomic front, Donald Trump's statement that the U.S. would intensify its attacks on Iran revived market concerns over stagflation. Nevertheless, nickel prices showed relative strength, and market anxieties did not persist, leading to narrower price swings. Worries about Indonesia's windfall profit tax gradually faded, while the overall market news flow leaned bearish.The nickel sulfate market softened slightly last week, largely driven by weaker demand expectations from downstream ternary precursor producers in April, a sharp drop in spot procurement volumes, and strong buyer pressure on pricing, which pushed average transaction prices down. Even though nickel sulfate supply remained relatively ample, some smelters were compelled to cut prices to move inventories amid sluggish demand and bargaining pressure.