China Nickel Market Review Weekly 20260427

In the nickel ore market, participants remained cautious, and transactions were relatively difficult. Prices for pyrometallurgical ore held generally steady, with 1.6% grade ore prices remaining in the range of US $69-79/tonne. However, price negotiations for hydrometallurgical ore intensified. Sellers sought to transact using the benchmark price, but smelters showed low acceptance of such levels. Nickel sulfate prices continued to rise slightly last week. Three factors jointly pushed MHP production costs higher: Indonesia's 2026 RKAB quota cuts, confirmation that the Weda Bay mine would halt production in mid-May, and the implementation of the new HPM policy on April 15 which raised ore-side taxes and fees, coupled with elevated sulfur prices driven by Middle East geopolitical tensions. On the supply side, constrained by raw materials, April production was expected to edge lower month-on-month.

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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