Delong 2400 mm slab caster installation project started smoothly!

The most-traded SHFE nickel contract generally moved sideways in a weak pattern this week. It briefly tested the 118,000 yuan/mt level early in the week but failed to sustain a breakout, subsequently pulling back under pressure. Prices largely fluctuated within the 116,000-118,000 yuan/mt range, closing at 117,790 yuan/mt in Friday's night session, up 0.54% WoW, amid sluggish trading activity. LME nickel prices moved largely in sync with SHFE nickel, showing sideways movement, with weekly prices mainly oscillating between $14,700/mt and $14,900/mt. In the spot market, the average price for SMM #1 refined nickel was 120,020 yuan/mt this week, up 550 yuan/mt WoW. The average premium for Jinchuan nickel was 4,900 yuan/mt, up 150 yuan/mt WoW. The premiums and discounts for mainstream domestic electrodeposited nickel ranged from -200 to 400 yuan/mt, with electrodeposited nickel premiums edging lower. Approaching year-end, downstream demand weakened, resulting in mediocre spot transactions this week.

Indonesia Nickel Ore Benchmark Price Declines, NPI Price Keeps Decreasing

In October 2025, China's refined nickel imports totaled 9,741 mt, down 66% MoM and 6% YoY. China's refined nickel exports reached 13,667 mt, down 3% MoM but up 55% YoY.

Nickel Ore Prices Remain Stable, NPI Price Keeps Decreasing

Indonesian Nickel Ore Price Rises, Saprolite Demand Increases

The International Nickel Study Group (INSG) held a meeting in Lisbon, Portugal, on October 6, 2025. Government and industry representatives from member states, observer countries, and several international organizations attended, engaging in extensive discussions on the current development trends of the nickel market. Ms. Shirley Wang, Industry Research General Manager at Shanghai Metals Market (SMM), was invited to deliver a speech titled "The Evolving Nickel World: Trends, Risks, and the Road Ahead," focusing on the nickel supply-demand situation in China and Indonesia. The core content and viewpoints are as follows:

During the National Day holiday, LME nonferrous metals generally rose, with LME nickel breaking through the $15,500/mt level. Weak US ADP employment data for September led markets to anticipate a 50-basis-point interest rate cut within the year, boosting expectations for looser offshore US dollar liquidity and enhancing risk appetite in the nonferrous metals market.

US CPI data and jobless claims numbers both reinforced market expectations for a US Fed interest rate cut in September. Today, the nonferrous metals sector saw a broad rally, with nickel prices among the top gainers. Fundamentally, spot market transactions in September recovered somewhat compared to August but fell short of the previous "Golden September" expectations. LME nickel inventory continued to climb, with a buildup of 7,842 mt in the recent week, reaching 223,152 mt as of September 12, the highest since August 2021. High inventory and supply pressures limited the gains.

Since mid-July, SMM battery-grade nickel sulphate prices have shown an upward trend, with the average price rising from 27,220 yuan/mt on July 15 to 27,800 yuan/mt on September 1. Prices are expected to fluctuate upward overall in Q3. Would Refined Nickel Alter the Tight Supply-Demand Balance of Nickel Sulphate?

Metals market: As of midday close, base metals in the domestic market rose almost across the board. Shanghai nickel rose 4.1%, and Shanghai aluminum rose slightly. Shanghai tin fell 1.17%. Shanghai copper, Shanghai zinc and Shanghai lead all rose within 0.3%. The main alumina futures rose 2.08%. The main industrial silicon contract rose 0.6%. The main lithium carbonate futures contract rose 2.72%. The black series is mostly red, and the iron ore rose 0.89%. Thread and hot coil rose slightly, and stainless steel rose 1.34%. In terms of double coke, coking coal fell 0.31% and coke fell 0.21%. In terms of external metals, as of 11:42, LME metals were mixed. London zinc and London nickel rose slightly, London aluminum rose 0.45%, London lead, London tin, and London copper all fell slightly, and the decline was within 0.3%. In terms of precious metals, as of 11:42, COMEX gold rose 0.19%, and COMEX silver fell 0.04%. In terms of domestic precious metals, as of noon close, Shanghai gold fell 0.02%, and Shanghai silver fell 0.42%. Gold prices are set to post weekly gains, supported by a weaker dollar and safe-haven buying this week. Conflict in the Middle East has also boosted gold's safe-haven appeal. In addition, as of noon closing, the main futures of European line container shipping were reported at 2048 points, up 0.5%