Nickel Prices Pulled Back After Surging in the Morning Session [SMM Nickel Spot Midday Review]

Published: Mar 14, 2025 13:53

Save

Nickel Prices Pulled Back After Surging in Early Trading The mainstream spot premiums quotation range for Jinchuan Nickel No.1 was 1,200-1,300 yuan/mt, with an average premium of 1,250 yuan/mt, up by 75 yuan/mt compared to the previous trading day. The premiums and discounts quotation range for Russian nickel was -200 to 0 yuan/mt, with an average discount of -100 yuan/mt, down by 50 yuan/mt from the previous trading day.

SMM March 14 News:

Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 1,200-1,300 yuan/mt, with an average premium of 1,250 yuan/mt, up by 75 yuan/mt compared to the previous trading day. The spot premiums/discounts for Russian nickel were quoted in the range of -200 to 0 yuan/mt, with an average discount of -100 yuan/mt, down by 50 yuan compared to the previous trading day.

Futures: Nickel prices pulled back after opening lower today. As of 11:30, the closing price was 132,990 yuan/mt, down 0.08% from the previous trading day's settlement price, with a high of 135,560 yuan/mt.

Spot Premiums/Discounts: The spot premiums for Jinchuan-branded nickel continued to rise by 75 yuan compared to the previous trading day. The strategy of lowering premiums by traders to boost trading volume had not achieved significant results. The impact of market sentiment on nickel prices has diminished, prompting traders to slightly raise premiums to observe market reactions.

From a technical perspective, SHFE nickel futures contracts surged after opening, mainly influenced by the tin market, but later pulled back. This indicates that the influence of sentiment on the market has weakened. However, in the short term, market sentiment will still dominate nickel price trends, while end-use demand remains cautious, with potential restocking driven by rigid demand.

Price Spread with Nickel Sulphate: Today, nickel briquette prices were quoted at 133,050-134,200 yuan/mt, with an average price of 133,625 yuan/mt, up by 1,050 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remains at a discount to refined nickel.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

9 hours ago

Data: SHFE, DCE market movement (Sep 17)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 17 Sep , 2026

9 hours ago

12 hours ago

SMM #1 Refined Nickel Price Up 2,200 Yuan/mt to 125,400 Yuan/mt on September 17

On September 17, the average price of SMM #1 refined nickel was 125,400 yuan/mt, up 2,200 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 4,250 yuan/mt, up 400 yuan/mt from the previous trading day, while mainstream domestic brands of electrodeposited nickel ranged from 0 to 500 yuan/mt.

12 hours ago

14 hours ago

[SMM Nickel Flash News] Indonesia Update — September 17, 2026

Indonesian nickel ore CIF average prices edged down across the main grades: · 1.2% Ni: CIF average price at $27/wmt, unchanged · 1.4% Ni: CIF average price at $51.8/wmt, down $0.6/wmt · 1.5% Ni: CIF average price at $58.5/wmt, down $0.3/wmt · 1.6% Ni: CIF average price at $63.4/wmt, down $0.5/wmt The Indonesian nickel ore market remains in a wait-and-see period, with the market monitoring further RKAB approvals and potential quota adjustments. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has revised the nickel ore HPM formula under Kepmen ESDM No. 363.K/MB.01/MEM.B/2026, effective September 15. The revision mainly lowers the corrective factor for low-grade nickel ore, significantly reducing the HPM benchmark for low-grade limonite and bringing it closer to prevailing market prices. The revised formula puts the HPM for 1.2% Ni ore at around $24.89/wmt, down about 45% from the previous level. The government said the revision aims to make nickel ore feedstock more economical for smelters, while its impact will continue to be evaluated.

14 hours ago