[SMM Nickel Midday Review] Nickel prices fell sharply on May 28, as SAMR deployed local authorities to launch special campaigns against "involution-style" competition

Published: May 28, 2026 13:34

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SMM Nickel News, May 28:

Macro and market news:

(1) On May 27 local time, Boroujerdi, a member of Iran's National Security Council, stated that according to the preliminary agreement draft reached between Iran and the US, the US will commit in the first phase to a comprehensive 60-day ceasefire on all fronts, particularly within Lebanon.

(2) China's State Administration for Market Regulation deployed local market regulatory departments to carry out a special campaign on credit empowerment to address involution-style competition, May-December.

Spot market:

On May 28, SMM #1 refined nickel prices fell 2,250 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 750 yuan/mt, down 350 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged from -1,000 to 100 yuan/mt.

Futures market:

The most-traded SHFE nickel 2607 contract saw prices plunge lower in the morning session, closing at 143,020 yuan/mt, down 0.92%.

The current Middle East situation alternated between "ceasefire agreement — violation of agreement — peace talk expectations," intensifying nickel price fluctuations. Nickel prices are currently supported by cost floors below and suppressed by inventory buildup above. The most-traded SHFE nickel contract is expected to trade within the range of 137,000-145,000 yuan/mt in the short term.

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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