SMM, January 2:
Spot Premiums/Discounts: Today, the mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 2,700-3,100 yuan/mt, with an average premium of 2,900 yuan/mt, dropping slightly by 100 yuan. Russian nickel premiums/discounts were quoted in the range of -300 to 0 yuan/mt, with an average discount of -150 yuan/mt.
Futures: In the morning, nickel prices fluctuated at low levels, dropping 60 yuan to 124,630 yuan, up 0.05%.
The overall premiums for Jinchuan-branded nickel continued to drop slightly. The short-term downward trend in premiums remained unchanged. In January, leading refined nickel enterprises showed no intention of production cuts, while some small and medium-sized domestic refined nickel enterprises might implement small-scale production cuts due to narrow profit margins combined with holiday factors. Overall supply remained sufficient. Spot premiums/discounts for other brands of nickel plates also saw slight declines. In December, nickel prices mainly showed a downward trend, coupled with the arrival of some Russian nickel long-term contracts in the latter part of the month, the reflow of Jinchuan-branded nickel plates from exports, and shipments from some refined nickel enterprises, which exerted pressure on spot premiums/discounts. The absolute prices for downstream purchases were relatively low, and overall purchase willingness was moderate.
Regarding the Price Spread Between Nickel Sulphate and Refined Nickel: Today, nickel briquette prices were in the range of 123,650-124,400 yuan/mt, up 300 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
