SMM Nickel News, April 24:
Macro and market news:
(1) Indonesia's Weda Bay Nickel mine will suspend operations for maintenance starting May, while NPI production remains normal. Although external ore sales reached 8.3 million wmt in Q1 (up 54% YoY), PT WBN announced it would shift its mine operations to "care and maintenance" status in May 2026, as its 2026 RKAB quota was slashed by 70% (the initial batch was only 12 million wmt, far below the 42 million wmt in 2025).
(2) The Ministry of Commerce held a regular press conference on the afternoon of April 23. In response to the US Customs and Border Protection initiating related tariff refund procedures on the 20th, the Ministry stated that China has consistently opposed any form of unilateral tariff hike measures. The US unilateral measures, including reciprocal tariffs and fentanyl tariffs, violate international trade rules and US domestic law, undermine the global trade order, and serve no party's interests.
Spot market:
On April 24, SMM #1 refined nickel prices rose 3,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,850 yuan/mt, down 100 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -600 to 600 yuan/mt.
Futures market:
The most-traded SHFE nickel 2606 contract rose sharply in the morning session, breaking through 146,000 yuan/mt, and closed at 145,900 yuan/mt at the end of the morning session, up 2.63%.
Indonesia's tightening quota policy continued to intensify, the sulfur supply crisis deepened, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with the recent fermentation of news about production suspensions and cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt.
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