Nickel Prices Surge, Market Sentiment Up; Stainless Steel Spot Prices Lag Despite Futures Gains

Published: Apr 24, 2026 18:19

Save

[SMM Nickel Flash] Supply side, nickel prices surged on the overnight futures, and the market unanimously raised quotes, with active sentiment from upstream to hold prices firm. Demand side, stainless steel futures also moved higher, but spot market prices in China remained suppressed by end-users, and steel mills currently had limited acceptance of NPI prices. Overall, the surge in nickel prices drove high-grade NPI prices stronger, but upside room may be limited under end-user suppression.

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

Common.Time.hoursAgo

[SMM Analysis] Raw Material Policy Synergy Drives Cost Increase, Caution Prevails in Overseas Stainless Steel Demand

Common.Time.hoursAgo

[SMM Analysis] Post-Holiday Rebound Lifts China's Stainless Steel Futures, But Physical Market Tells a Cautious Story

SHFE stainless steel futures end the week (April 20-24, 2026) above RMB 15,100/mt as RKAB quota-cut expectations shift the market narrative from macro stimulus to supply-side cost support.

Common.Time.hoursAgo

SMM Nickel News: High-Grade NPI Prices Surge, Market Shows Dip-Then-Rally Trend

[SMM Nickel News Flash] The average price of SMM 10-12% high-grade NPI rose 7.7 yuan/nickel unit WoW to 1,093.1 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price rose 1.55 $/nickel unit WoW to 140.06 $/nickel unit. The high-grade NPI market this week exhibited a "dip-then-rally" trend. Market sentiment was weak at the beginning of the week, but with the release of Indonesia's new HPM policy and the continued rise in nickel prices, bullish sentiment quickly recovered, and the price center gradually shifted upward.

Common.Time.hoursAgo