China Nickel Market Review Weekly 20260420

For nickel ore, Indonesia's new HPM had shifted notably higher compared to previous levels. While the base price for nickel ore used for pyrometallurgical processinghad risen, it had not yet exceeded absolute nickel ore prices in the market. However, prices of nickel ore used for pyrometallurgical processing had already increased by US $1-3/wmt. For nickel ore used for hydrometallurgical processing, the new base price was significantly higher than current absolute market prices, though actual prices had yet to follow suit significantly, with 1.2% grade ore rising only about $1/wmt. Nickel sulfate faced strong upstream cost support, but the downstream demand was weak. On one hand, LME nickel prices trended higher with range-bound strength, while expectations of tight Indonesian nickel ore supply provided bottom support for nickel prices.On the other hand, weak downstream demand prevented producers from effectively relieve cost pressures.

0414

0420

Join Mysteel's April 30 webinar to explore whether supply disruptions will drive the next leg higher for lithium and nickel markets in Q2 2026.

https://www.mysteel.net/event-listings/100067-q2-2026-lithium-and-nickel-will-supply-disruptions-fuel-further-price-hikes