Recently, the nickel market has experienced significant fluctuations, with nickel prices showing noticeable intraday declines. Market attention to the price trends of high-grade NPI and refined nickel has increased, especially as the price discount between high-grade NPI and refined nickel continues to narrow. Since last week, nickel prices have fallen significantly. Today, SHFE nickel once fell below the 126,000 yuan/mt mark, while LME nickel rebounded slightly after hitting a low of $16,300/mt, currently fluctuating between $16,300 and $16,500/mt.