Nickel prices continued to fluctuate this week, with inventory remaining at a high level. Nickel prices maintained the fluctuation pattern since mid-April, with the average price of SMM1# refined nickel at 126,850 yuan/mt, up 0.5% WoW. Inventory-wise, the Shanghai Bonded Zone inventory stood at around 5,800 mt, flat WoW, while the domestic social inventory was approximately 44,700 mt, with an inventory buildup of about 701 mt WoW. The high inventory level continues to suppress the upside room for nickel prices to some extent.

NICKEL ORE Indonesian ore prices remained stable with a slight upward trend in pyrometallurgy, while hydrometallurgical ore prices may experience a downward adjustment. High-Grade NPI The supply-demand imbalance of high-grade NPI may emerge, and prices are likely to remain in the doldrums.

Indonesian ore used for pyrometallurgy remained stable with a slight upward trend, while the price of ore used for hydrometallurgy may experience a downward adjustment.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 25 Apr, 2025

his week, the average price of SMM 8-12% high-nickel pig iron (NPI) was 974.7 yuan per nickel point (tax included, ex-factory), down 14.2 yuan per nickel point from last week. The FOB price in Indonesia was $116.6 per nickel point, down $1.77 per nickel point from last week, indicating a continued downward shift in high-nickel pig iron prices.

SMM Daily Review: Stainless Steel Market Shows Further Weakness, Short-Term High-Grade NPI Prices May Be in the Doldrums. April 25th, the average price of SMM 8-12% high-grade NPI was 969 yuan/mtu (ex-factory, tax included), down 2 yuan/mtu from the previous working day.

On April 25, the SMM battery-grade nickel sulphate index price was 27,813 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,820-28,340 yuan/mt, and the average price remained stable compared to the previous day.

Recently, due to the continuous rise in futures prices and the increase in the MHP coefficient, as of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 84%-85%, and the FOB price of Indonesian MHP is $12,634/mt (Ni contained).