[SMM Nickel Midday Review] Nickel Prices Edged Up on April 23, Trump Said New Round of US-Iran Talks Could Resume as Early as Friday

SMM Nickel News, April 23:

Macro and market news:

(1) Trump said US-Iran talks could resume as early as Friday; Iranian media responded that Iran had not yet decided to hold negotiations on Friday.

(2) In Q1 2026, Shanghai's GDP grew 5.9% YoY, and Shenzhen's GDP grew 5.8% YoY.

Spot market:

On April 23, SMM #1 refined nickel prices fell 250 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,950 yuan/mt, flat from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -500-600 yuan/mt.

Futures market:

The most-traded SHFE nickel 2606 contract pulled back before rebounding during the session, closing at 142,120 yuan/mt, up 0.25%.

The positive impact of Indonesia's nickel ore HPM new policy was gradually digested, and profit-taking emerged, putting nickel prices under correction pressure. However, the medium-term support logic for nickel prices remains solid. Going forward, attention should be paid to changes in actual transaction prices of Indonesian nickel ore and the impact of US-Iran geopolitical tensions on sulfur supply. The most-traded SHFE nickel contract price is expected to trade in the range of 140,000-150,000 yuan/mt.