Nickel and Stainless Steel Futures Hit Limit-Down, Market Transactions Unlikely Amid Price Volatility

Published: Feb 2, 2026 21:03

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[SMM Nickel Flash] February 2 — Supply side, nickel prices and stainless steel futures hit limit-down today, with some upstream traders loosening their offers. Previously locked-in arbitrage sources may gradually release into the market. Demand side, stainless steel prices gave back gains, and downstream wait-and-see sentiment intensified. Overall, futures prices experienced wild swings, making substantial transactions unlikely in the short term. High-grade NPI prices were clearly under pressure.

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