Nickel Market Sluggish Before Holiday, High-Grade NPI Prices Supported by Rising Ore Costs

Published: Feb 9, 2026 16:46

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[SMM Nickel Flash] February 9 – Supply side, market offers were basically flat, and high-grade NPI prices received cost support as ore prices rose significantly. Demand side, end-user performance was sluggish, downstream enterprises had basically no stockpiling demand before the holiday, and purchasing sentiment was quiet. Overall, the price spread between upstream and downstream intentions widened, and the market was sluggish with few transactions before the holiday.

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