[SMM Nickel Midday Review] Nickel Prices Rebound Slightly on March 4; Trump Said Tariffs on Different Countries Would Be Announced Gradually

SMM Nickel News, March 4:

Macro and Market Updates:

(1) Trump: After the 15% tariff deadline, we will gradually announce tariffs for different countries; we will raise tariff agreements for certain countries.

(2) US Fed—① Kashkari: With the clouds of war looming, we originally expected one interest rate cut in 2026, but now it is uncertain. ② Williams: The US Fed will have to consider the spillover effects of the Iran issue on foreign markets and trading partners. He still believed rates were slightly above the neutral rate.

Spot Market:

On March 4, SMM #1 refined nickel prices rose 450 yuan/mt from the previous trading day. For spot premiums, the average for Jinchuan #1 refined nickel was 6,900 yuan/mt, down 50 yuan/mt from the previous trading day; the range for domestically mainstream brands of electrodeposited nickel was -300-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2605) fluctuated and strengthened in early trading, and closed at 137,410 yuan/mt, up 0.12%.

After a consecutive pullback, nickel prices showed initial signs of stabilizing. News that Indonesia may additionally supplement quotas weakened the earlier supply tightens narrative, but cost support remained solid. In the short term, the most-traded SHFE nickel contract was expected to fluctuate around 140,000 yuan/mt.