Russian nickel prices retreated while Jinchuan Nickel prices rose, inventories fell little amid sluggish trade

Published: Mar 30, 2021 13:00
Nickel futures prices rose to around 124,000 yuan/mt twice amid bull and bear alternating last week, but fell back to the 120,000 yuan/mt under pressure. The absolute spot price of pure nickel barely changed.

SHANGHAI, Mar 30 (SMM) — Nickel futures prices rose to around 124,000 yuan/mt twice amid bull and bear alternating last week, but fell back to the 120,000 yuan/mt under pressure. The absolute spot price of pure nickel barely changed. The continued sideways trend dragged down the purchase willingness of downstream buyers, and the sluggish trading failed to consume the large amounts of imported Russian nickel in the bonded areas. Traders gradually started quotations for the SHFE 2105 contracts.

With the monthly price difference converted, the Russian nickel quotations fell to the flat level and was expected to stabilise as the subsequent import volume decreased. Jinchuan Nickel prices went up due to the monthly financial closure of the smelters, and are expected to fall back this week. Nickel briquette prices dropped continuously due to the downward nickel sulphate prices. Although the supply of duty-free nickel briquette was limited, traders adjusted the premiums to about 2,500 yuan/mt. Non-duty-free nickel briquette was mostly delivered for orders last week, and spot quotations were scarce.

Russian nickel prices retreated while Jinchuan Nickel prices rose

Pure nickel inventories in Shanghai bonded area decreased 1,500 mt from March 19 to 11,300 mt as of March 26, falling for the fourth consecutive week. Since foreign trade companies had locked the import profits, nickel plates and briquette were continuously moved into social warehouses from the bonded areas last week. As for now, the import window has been closed again, and the pure nickel inventory in the bonded areas has also dropped to a low level.

Inventories moved from bonded areas to social warehouses and fell little

Shipments from bonded areas are expected to slow down, and the trade is likely to weaken. The premiums of Russian nickel was $180/mt. Duty-free nickel briquette had few buyers, while non-duty-free briquette prices stood over $200/mt under warrants.

For more information on the nickel industry and markets, please subscribe to China Nickel Weekly.

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
[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply
1 hour ago
[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply
Read More
[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply
[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply
According to the World Bank’s April 2026 Commodity Markets Outlook, global refined nickel production is expected to increase modestly in 2026 and 2027 as new processing capacity comes online in Indonesia. However, the report warned that tighter upstream ore availability is likely to constrain capacity utilization. This suggests future growth in Indonesia’s nickel supply may depend increasingly on ore availability rather than nominal processing capacity alone.
1 hour ago
[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply
1 hour ago
[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply
Read More
[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply
[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply
According to the World Bank’s April 2026 Commodity Markets Outlook, nickel prices are projected to rise 12% year on year in 2026 and a further 3% in 2027, as global consumption growth is expected to outpace supply expansion. The report said that although new nickel processing capacity will continue to come online in Indonesia, tighter upstream ore availability is likely to constrain utilization rates and keep the market tight. It also noted that further disruptions to sulfur exports from Middle East producers could become an additional upside risk for nickel prices.
1 hour ago
[SMM Stainless Steel Market Flash] Aperam Expands Brazil Capacity and Moves Further Downstream with Magnetec Deal
1 hour ago
[SMM Stainless Steel Market Flash] Aperam Expands Brazil Capacity and Moves Further Downstream with Magnetec Deal
Read More
[SMM Stainless Steel Market Flash] Aperam Expands Brazil Capacity and Moves Further Downstream with Magnetec Deal
[SMM Stainless Steel Market Flash] Aperam Expands Brazil Capacity and Moves Further Downstream with Magnetec Deal
Aperam will invest €10 million to remove a cold-rolling bottleneck at its Timóteo facility in Brazil, targeting a 5% capacity increase by mid-2027. The company also completed the acquisition of Magnetec on April 1, 2026 and created Aperam Magnetic Components, extending its downstream exposure into higher-value magnetic solutions for EVs, energy, and aerospace. The move shows Aperam is continuing to push its stainless and specialty materials chain further into value-added end markets.
1 hour ago