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China Nickel Market Review Weekly 20260608

Source: Mysteel Jun 08, 2026 09:15
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Nickel Demand Price Supply
Nickel ore supply from the Philippines rose post-rainy season, weighing on prices, with 1.3% grade CIF stable near $48/wmt. In Indonesia, tight supply from slow RKAB approvals kept 1.4% grade firm at $6466/wmt. The government suspended 34 nickel mining projects for failing to submit 2026 RKAB applications, supporting price expectations. Indonesia's natural resource export centralization is transitioning, and Harita Nickel's ferronickel exports to PT DSI have proceeded normally since June 2.Nickel sulfate markets showed divergence. Battery-grade average prices were flat week-on-week, but the low end softened slightly. Despite lower SHFE nickel, high MHP payables and sulfuric acid costs kept producer costs elevated, prompting some to hold or raise high-end quotes. Demand for ternary precursors grew modestly, providing bottom support as upstream sellers remained reluctant to cut prices.

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