Nickel prices this week showed a pattern of "strength overseas and stability domestically," with LME nickel performing strongly while domestic SHFE nickel prices saw relatively mild gains. The LME nickel price settled at $15,320/mt on Friday, up 1.39% WoW, while the most-traded SHFE nickel contract (2512) closed at 122,150 yuan/mt on Friday, up 0.67% WoW. In the spot market, the average price of SMM #1 refined nickel this week was 122,350 yuan/mt, up 550 yuan/mt WoW. The average spot premium for Jinchuan nickel this week was 2,500 yuan/mt, increasing by 100 yuan/mt WoW, while the premium range for mainstream domestic electrodeposited nickel brands was -100–200 yuan/mt, showing a slight rise. Since entering October, spot transactions have improved, and spot premiums for nickel cathode have stabilized and risen accordingly.

On October 21, the APAC (10th) Ni-Cr-Mn Stainless Steel & New Energy Conference 2025, hosted by SMM Information & Technology Co., Ltd. (SMM), successfully concluded in Xiamen, Fujian!

On October 24, the SMM battery-grade nickel sulphate index price was 28,434 yuan/mt, with the quotation range for battery-grade nickel sulphate at 28,450-28,650 yuan/mt, and the average price remained unchanged from the previous day.

This week, demand for nickel intermediate products remained stable, while costs increased.

In 2026, the nickel intermediate product market will face a situation where "demand growth lags behind supply growth." Additionally, the proportion of MHP directed toward refined nickel is expected to increase. The approval progress of Indonesia's RKAB policy remains a key variable, with attention on the costs of intermediate products and the release of downstream capacity.