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Home / Metal News / [SMM Analysis] Nickel prices rebounded significantly this week, with accelerated domestic destocking.

[SMM Analysis] Nickel prices rebounded significantly this week, with accelerated domestic destocking.

Aug 29, 2025 16:28

Source:SMM

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This week, nickel prices rebounded notably amid macro tailwinds fueled by rising expectations for US Fed interest rate cuts. The most-traded SHFE nickel NI2510 contract closed at 121,700 yuan/mt on Friday, up 1.75% WoW. LME nickel showed a more pronounced rebound, with its latest quote at $15,370/mt, up 2.6% WoW. Spot market-wise, the average SMM #1 refined nickel price this week stood at 122,000 yuan/mt, up 1,850 yuan/mt WoW. The average Jinchuan nickel premium averaged 2,400 yuan/mt this week, down 300 yuan/mt WoW, mainly due to weaker downstream acceptance amid higher futures prices, leading to a decline in premiums. The mainstream electrodeposited nickel premium range remained at -100-300 yuan/mt this week. Overall spot trading activity in August differed little from July, maintaining the weak off-season demand pattern.

From a macro perspective, expectations for US Fed interest rate cuts intensified after Fed Governor Christopher Waller called for lowering short-term borrowing costs in the US, signaling support for a rate cut next month and further cuts over the next three to six months to prevent a labor market collapse. The Fed's dovish signals pressured the US dollar, thereby supporting nickel prices. Meanwhile, the CPC Central Committee and the State Council issued guidelines on promoting high-quality urban development, aiming to basically complete the construction of a modern people-centered city by 2035. Long-term infrastructure plans are expected to boost demand for stainless steel and nickel in the future.

Overall, the nickel market currently benefits from a favorable macro environment. With the approach of the traditional September-October peak season, downstream demand is expected to recover, and spot trading activity is likely to improve. Nickel prices are forecast to fluctuate higher, with a price range of 120,000-124,000 yuan/mt.

Inventory-wise, Shanghai Bonded Zone stocks stood at around 4,700 mt this week, flat WoW. Domestic social inventory totaled approximately 39,500 mt, down 1,402 mt WoW.

Output

Nickel

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

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[SMM Analysis] Nickel prices rebounded significantly this week, with accelerated domestic destocking.

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