[SMM Nickel Midday Review] Nickel Prices Edged Up on May 29, US April Core PCE Price Index Annual Rate Rose to 3.3%

Published: May 29, 2026 11:44

Save

SMM Nickel News, May 29:

Macro and Market News:

(1) The US core PCE price index annual rate further rose to 3.3% in April, the highest level since November 2023, in line with market expectations.

(2) Zimbabwe announced that 14 minerals including lithium and nickel were designated as "critical minerals," with mandatory state equity participation.

Spot Market:

On May 29, SMM #1 refined nickel prices rose 1,100 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 700 yuan/mt, down 50 yuan/mt from the previous trading day, while mainstream domestic electrodeposited nickel brands ranged from -700 to 100 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2607 contract surged and then pulled back during the morning session, closing at 143,670 yuan/mt, up 0.09%.

In the short term, nickel prices are expected to remain supported by costs on the downside while capped by inventory buildup on the upside, with the most-traded SHFE nickel contract's reference range at 137,000-145,000 yuan/mt.

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

2 hours ago

[SMM Nickel Market Flash] Indonesia Nickel Industry Seeks Clarity on Whether NPI Falls Under Mandatory DSI Export Rule

The Forum Industri Nikel Indonesia (FINI) has formally requested government clarification on the scope of ferro alloy products that will be required to export through PT Danantara Sumberdaya Indonesia (DSI), Indonesia's newly established single-window export body. FINI Chairman Arif Perdana Kusumah said the industry is still awaiting an official commodity list, with the key open question being whether the mandatory DSI routing applies only to ferronickel (FeNi) or also to nickel pig iron (NPI). Ferronickel, a nickel-iron alloy with typical nickel content of 20-40%, is a key feedstock for stainless steel. The uncertainty adds to operational planning challenges for NPI producers as the DSI framework takes shape.

2 hours ago

[SMM Nickel Market Flash] Harita Nickel Reports Q1 2026 Revenue of Rp6.81T (~$418M), Full-Year 2025 at Rp29.63T

PT Trimegah Bangun Persada (NCKL), known as Harita Nickel, reported Q1 2026 revenue of Rp6.81 trillion (~$418 million) and full-year 2025 revenue of Rp29.63 trillion (~$1.82 billion), with all production lines — nickel ore mining, RKEF pyrometallurgy, and HPAL hydrometallurgy producing MHP and nickel sulphate — running on target. The company said it is maintaining a measured operational approach across its integrated value chain amid a challenging global nickel market. On ESG, Harita reported Q1 2026 emissions avoidance of 977,278 tCO2e, up 37% year-on-year, supported by waste heat recovery, biosolar use, and coal gasification technology. The company is also advancing IRMA corrective actions and preparing for RMAP supply chain due diligence audit.

2 hours ago

[SMM Nickel Market Flash] First Atlantic Gets Newfoundland Permit to Advance Awaruite Ni-Co Project and Geologic H2 Test

First Atlantic Nickel & Cobalt Corp. has received a supplemental exploration permit from the Government of Newfoundland and Labrador for its wholly owned Pipestone XL Nickel-Cobalt Alloy Project, covering a 30-kilometre ophiolite complex. The permit authorizes wellbore water injection, additional drilling, and Electrical Resistivity Tomography surveys. The project targets awaruite (Ni3Fe), a naturally occurring nickel-iron-cobalt alloy (~77% nickel) that requires no smelting, roasting, or acid leaching — eliminating processing steps typical of sulphide or laterite ore. The permit also advances a secondary initiative to stimulate geologic hydrogen production by injecting water into serpentinizing ultramafic rock, developed in collaboration with the Colorado School of Mines.

2 hours ago