Weak Demand and Bearish Outlook Pressure Nickel Prices, Supply Tightness Limits Declines

Published: Jul 24, 2026 16:55
[SMM Nickel Flash] Overall this week, off-season end-use demand was weak, and the market's bearish outlook for next month continued to weigh on prices; while tight spot nickel supply and some sellers' holding back from selling limited the depth of price declines.

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 for 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
[SMM Nickel Flash] High-Grade NPI Prices Drop in China, Rise in Indonesia as Steel Mills Slow Procurement
13 hours ago
[SMM Nickel Flash] High-Grade NPI Prices Drop in China, Rise in Indonesia as Steel Mills Slow Procurement
Read More
[SMM Nickel Flash] High-Grade NPI Prices Drop in China, Rise in Indonesia as Steel Mills Slow Procurement
[SMM Nickel Flash] High-Grade NPI Prices Drop in China, Rise in Indonesia as Steel Mills Slow Procurement
[SMM Nickel Flash] Currently, mainstream steel mills have largely completed their peak-season stockpiling, and their overall procurement pace has slowed. Only a small number of enterprises have restocking demand. Downstream purchasing sentiment is generally cautious, and there is a notable price spread between steel mills’ acceptable prices and suppliers’ quotes. Acceptance of high-priced cargoes of high-grade NPI remains limited. As futures decline, steel mills’ procurement interest is weakening further.
13 hours ago
SMM Nickel Flash: High-Grade NPI Prices Drop in China, Rise in Indonesia Amid Limited Trading Volume
13 hours ago
SMM Nickel Flash: High-Grade NPI Prices Drop in China, Rise in Indonesia Amid Limited Trading Volume
Read More
SMM Nickel Flash: High-Grade NPI Prices Drop in China, Rise in Indonesia Amid Limited Trading Volume
SMM Nickel Flash: High-Grade NPI Prices Drop in China, Rise in Indonesia Amid Limited Trading Volume
[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell by 2.8 yuan/nickel unit WoW to 1,133 yuan/nickel unit (ex-factory, tax included), and the average Indonesia NPI FOB index price increased by $0.13/nickel unit WoW to $146.52/nickel unit. This week, the high-grade NPI spot market remained in a deadlock overall, with overall transaction volume remaining limited throughout.
13 hours ago
[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure
13 hours ago
[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure
Read More
[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure
[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure
The SMM average price for 10-12% high-grade NPI fell by 2.8 yuan/nickel unit WoW to 1,133 yuan/nickel unit (ex-factory, tax included); the average Indonesian NPI FOB index price rose by $0.13/nickel unit WoW to $146.52/nickel unit. This week, the high-grade NPI spot market remained in a deadlock overall, with transaction volumes remaining limited throughout.
13 hours ago
[SMM Nickel Flash] Overall this week, off-season end-use demand was we - Shanghai Metals Market (SMM)