In terms of pure nickel, the import window continues to be closed; LME inventory declines, and the spot discounts remain; the import volume of nickel ore increased; domestic NPI production remains low, and the ample supply has not changed.
A large inflow of hydro-metallurgical intermediate products from Indonesia are used in domestic nickel sulfate production, and raw materials are abundant.
Domestic stainless steel inventory is mainly destocked, and the market has been cautious about stainless steel consumption. Nickel consumption in the new energy industry chain fell below expectations. The price of nickel sulfate continues to fall, and the profit of refined nickel production with nickel sulfate is high.
Without contradiction in supply and demand, nickel prices will remain rangebound in the near term and will be greatly affected by macro factors.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
