Nickel prices were in the doldrums this week, dominated by loose supply and demand. Although the US Fed cut interest rates as expected, nickel prices failed to get an effective boost and showed a clear downtrend. The most-traded SHFE nickel contract was relatively firm at the beginning of the week, but prices accelerated their pullback later due to weak domestic demand, closing at 115,590 yuan/mt on Friday, down 1.84% WoW. LME nickel prices also weakened, falling consecutively and down 2.27% WoW. In the spot market, the average price of SMM #1 refined nickel was 119,350 yuan/mt this week, down 1,850 yuan/mt WoW. The average premium for Jinchuan nickel was 5,100 yuan/mt, up 300 yuan/mt WoW. Premiums and discounts for mainstream domestic electrodeposited nickel brands ranged from -100 to 400 yuan/mt. Spot market transactions were sluggish this week, with downstream consumers mainly stockpiling for rigid demand and adopting a wait-and-see stance.

This week, the intermediate nickel product market saw low activity, with MHP and high-grade nickel matte prices declining.

[Market Review: Upstream-Downstream Contradictions Increasingly Evident, High-Grade NPI Price Unchanged] December 12 news, SMM 10-12% high-grade NPI averaged 888.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

The market was sluggish this week, and nickel salt prices slightly declined.

On December 11, the SMM battery-grade nickel sulphate index price was 27,226 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,455-27,585 yuan/mt, and the average price slightly decreased compared to the previous day.

[SMM Daily Review: High-Grade NPI Prices Edge Up Slowly, Yet Market Transactions Remain Sluggish] December 11 (SMM) - The average price of 10-12% high-grade NPI was 888.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day.

As of now, the FOB price of Indonesian MHP nickel is $13,051/mt Ni, and the FOB price of Indonesian MHP cobalt is $48,260/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 87-87.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95.5. The FOB price of Indonesian high-grade nickel matte is 13,333 yuan/mt Ni.