Latest Update in the SMM Nickel Market

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In April 2025, SMM's nickel sulphate production is expected to reach approximately 25,900 mt in metal content, corresponding to around 117,800 mt in physical tonnes, down approximately 0.08% MoM and 24.79% YoY.

Indonesian nickel ore prices remained stable with a slight upward trend in pyrometallurgy, while hydrometallurgical ore prices may experience a downward trend. For high-grade NPI, the prices remain under pressure with slight decline

This week, the average price of SMM 8-12% high-nickel pig iron (NPI) stood at 967.5 yuan per nickel unit (including tax, ex-factory), marking a decrease of 7.2 yuan per nickel unit compared to last week's average. Although the price of high-nickel pig iron continues to trend downward, the rate of decline has slowed compared to the previous week.

SMM reported on April 30 that the total inventory in the stainless steel markets of Wuxi and Foshan decreased this week (April 25-30, 2025), falling from 985,800 mt to 975,400 mt, down 1.05% WoW. On the demand side, downstream firms stockpiled goods to meet immediate needs ahead of the Labour Day holiday, with stable demand. Low prices prompted enterprises and traders to restock at any time.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 30 Apr, 2025

This week, the nickel salt smelter's quotes remained firm, and downstream price acceptance increased.

Philippine Nickel Ore Prices Remain Steady, with Diverging Trends in Domestic and Indonesian Markets Indonesian Ore and Ore Used for Pyrometallurgy Prices Rise Again, Leaving Downstream Enterprises in a Dilemma