Last week, nickel prices fluctuated, with spot prices at 126,000-133,000 yuan/mt and SHFE nickel at 124,000-130,000 yuan/mt. During the week, nickel prices rose slightly under the dual influence of favorable Indonesian nickel resource policies and domestic policies. On the fundamentals side, there were no structural changes WoW, and the overall sentiment remained bearish.
In the spot market: Last week, the rise in nickel prices and the slightly tightened supply of domestically produced refined nickel plates increased the pick-up costs for traders. Spot premiums/discounts hit a new short-term high, further impacting the already sluggish spot market. Meanwhile, imported nickel premiums/discounts remained relatively stable, improving procurement cost-effectiveness. Overall, spot transactions were relatively subdued.
