[SMM Nickel Midday Review] Nickel Prices Continue to Rise on February 12, January US Non-Farm Payrolls Data Strongly Exceed Expectations

Published: Feb 12, 2026 11:37

Save

SMM Nickel February 12 News:

Macro and Market News:

(1) US Non-Farm Payroll Report — ① US seasonally adjusted non-farm payrolls increased by 130,000 in January, significantly exceeding market expectations, marking the largest increase since April 2025; the unemployment rate unexpectedly dropped to 4.3%, hitting a new low since August 2025.

(2) US President Trump posted, calling for continued negotiations with Iran, and no specific decisions were reached with Netanyahu. Iran's Supreme National Security Council Secretary and Supreme Leader's advisor Larijani stated that Iran is consulting with the US to determine the timing of the next round of talks.

Spot Market:

On February 12, SMM #1 refined nickel prices were 140,200-150,500 yuan/mt, with an average price of 145,350 yuan/mt, up 2,750 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,000-9,500 yuan/mt, with an average premium of 8,750 yuan/mt, down 750 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2603) hovered at highs during the session, closing at 140,560 yuan/mt by the morning session, up 2.48%.

There is new progress regarding the market's focus on Indonesia's nickel ore quota (RKAB) policy. Indonesian officials revealed that the 2026 nickel ore RKAB production target is set at 260-270 million mt, consistent with previous market expectations, boosting market sentiment. Nickel prices are expected to hold up well 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.

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

4 hours ago

Data: SHFE, DCE market movement (Feb 12)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Feb , 2026

4 hours ago

6 hours ago

【SMM Analysis】Indonesian Nickel Initial Outlook in 2026: Navigating the RKAB Quota Crunch

Indonesia's 2026 nickel production might potentially face a severe supply crunch as the government’s 270 million tonne RKAB quota ceiling falls significantly short of the 343 million tonnes required by surging downstream projects. With major mines like Weda Bay facing drastic 71% cuts and administrative bottlenecks paralyzing sales, the market remains in a high-tension deficit, pinning its hopes on a potential July quota revision to stabilize the industry.

6 hours ago

[SMM Analysis] Ternary Cathode Market Sees Light Activity This Week Ahead Of Spring Festival

On the production front, with the Spring Festival holiday approaching, ternary material enterprises have generally slowed their production pace. Some manufacturers have already taken early holidays or commenced routine maintenance.

6 hours ago