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

Published: Feb 9, 2026 16:46

Save

[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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 min ago

US Treasury Secretary Doubts Quick Fed Action on Balance Sheet Under Warsh Leadership

US Treasury Secretary Besant stated that even under the leadership of US Fed Chairman nominee Kevin Warsh, he did not believe the central bank would quickly take action to reduce its balance sheet. The US Fed might need up to a year to make decisions regarding its balance sheet.

1 min ago

China's Gold Reserves Rise for 15th Month, Reaching 74.19 Million Ounces in January 2026

The central bank released data showing that China's gold reserves stood at 74.19 million ounces at the end of January 2026, compared to 74.15 million ounces at the end of December 2025, marking the 15th consecutive month of increase in gold holdings.

1 min ago

Common.Time.minsAgo

【SMM Nickel News】

On February 10, the SMM #1 refined nickel price was 133,400–144,500 yuan/mt, with an average price of 138,950 yuan/mt, down 500 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,500–10,200 yuan/mt, with an average premium of 9,850 yuan/mt, up 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400–400 yuan/mt.

Common.Time.minsAgo