Nickel Market Sees Tentative Offers Post-Holiday, Prices Firm Amid Rising Ore Costs

Published: Feb 24, 2026 18:56

Save

[SMM Nickel Flash] February 24 – Supply side, on the first trading day after the holiday, some upstream enterprises began to test the waters with offers. Supported by cost increases from nickel ore, market quotations remained firm. Demand side, post-holiday demand recovery remains unclear, downstream procurement has not yet resumed, and the market lacks actual concluded transactions. Overall, trading on the first day after the holiday was still relatively sluggish, but supported by rising nickel ore prices, the price center for high-grade NPI continued to rise.

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

3 hours ago

SMM High-Grade NPI Market Sentiment Declines Slightly in March

[SMM Nickel Flash] March 27 News: The SMM high-grade NPI market sentiment factor was 2.2, down 0.01 MoM; the upstream sentiment factor for high-grade NPI was 2.84, down 0.02 MoM; and the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

3 hours ago

Nickel Market: Stable Auxiliary Prices, Rising Coke and Indonesian Ore, Pressured NPI Amid Cost Uncertainties

[SMM Nickel Flash] This week, auxiliary material prices were generally stable with slight rise, while market sentiment in the coking coal and coke markets improved, and coke producers showed a stronger willingness to increase prices. Ore side, Philippine ore prices edged lower, while Indonesian nickel ore prices continued to rise. Meanwhile, downstream high-grade NPI prices remained under pressure, and amid cost uncertainties caused by high freight rates and geopolitical conflicts, smelter profit margins were squeezed.

3 hours ago

China Nickel Market: Upstream Quotations Weaken Amid Rising Steel Scrap Supply Pressure

[SMM Nickel Flash] In China, disruptions in nickel ore-related news continued. Supported by costs, upstream quotations were firm for a time, but steel scrap supply in the market increased significantly. Under the dual pressure from end-users and the cost advantage of steel scrap, upstream quotations for high-grade NPI gradually showed signs of weakening.

3 hours ago