The current global macro environment is complex and volatile, with intensified trade frictions and escalating geopolitical risks, exacerbating market concerns about global economic growth. Domestic "supply-side reform" and loose US dollar liquidity provide phased support for nickel prices in H2. However, short-term sentiment fluctuations have not altered the medium and long-term supply and demand logic. Global refined nickel capacity continues to expand in H2, with no significant production cuts yet observed. Demand-side recovery remains sluggish, the electroplating market is relatively stable, and alloy special steel demand has improved but with limited increments. Factors such as increased Indonesian production, tariff impacts, and weak demand still pose downside risks for nickel prices. Overall, it is expected that the tug-of-war between longs and shorts in nickel prices will intensify in H2, with the core fluctuation range being 115,000-128,000 yuan/mt.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

On June 5, 2025, the Ni&Co Forum of Indonesia Critical Minerals Conference & Expo 2025 successfully wrapped up in Jakarta, Indonesia! The conference was organized by SMM, supported by the Ministry of Foreign Affairs of Indonesia, and co-organized by the Indonesia Nickel Miners Association (APNI), the Jakarta Futures Exchange, and Sxcoal.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the non-ferrous metal market.