[SMM Nickel Midday Review] Nickel prices surged significantly again on February 25, breaking through 140,000 yuan/mt, and are expected to hold up well in the short term.

Published: Feb 25, 2026 11:39

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SMM Nickel February 25 News:

Macro and Market News:

(1) To maintain ample liquidity in the banking system, on February 25, 2026, the People's Bank of China conducted a 600 billion yuan Medium-term Lending Facility (MLF) operation via a fixed amount, interest rate tender, and multiple-price award method, with a maturity of one year.

(2) Iran Situation — ① The White House reiterated that Trump's primary choice is always diplomacy, but military force will be used if necessary. ② Iranian Foreign Minister: Hopes to reach a fair agreement with the US in the shortest possible time. ③ The US military deployed 11 F-22 fighter jets to Israel. ④ Iran conducted military exercises in its southern coastal region.

Spot Market:

On February 25, the SMM #1 refined nickel price ranged from 140,000 to 149,900 yuan/mt, with an average price of 144,950 yuan/mt, up 2,450 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,100-9,000 yuan/mt, with an average premium of 8,550 yuan/mt, down 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400 to 600 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2605) surged sharply to 142,000 yuan/mt during the night session and continued to hover at highs during the morning session. By the morning close, it was quoted at 142,240 yuan/mt, up 2.41%.

Affected by frequent supply-side disruptions in Indonesia, nickel prices once again broke through the 140,000 yuan/mt level. In the short term, nickel prices are expected to hold up well.

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.

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