Nickel Daily: The shortage of high-grade nickel pig iron (NPI) resources is becoming increasingly prominent

Source: Mysteel May 15, 2026 08:59

Nickel ore cost support remained strong, while the shortage of high-grade nickel pig iron resources was becoming increasingly prominent. According to market feedback, affected by the continued decline in feed nickel ore grades, the output grade of high-grade NPI had notably decreased. Some projects had seen their NPI grades drop to around 11%, leading to a persistent widening of the premium for high-grade NPI.SHFE nickel slightly declined yesterday, while spot trading for refined nickel remained generally subdued. Spot premiums/discounts for various refined nickel brands were mostly stable with minor adjustments. Some merchants sold Nikkelverk, Sumitomo, and other brand resources at low prices, with transaction prices moving notably lower. Near-term upward momentum for nickel prices had weakened, but cost support from below remained solid. The market lacked catalysts to break the current range-bound trading pattern.

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