[SMM Nickel Daily Review] Nickel Prices Rebounded on October 24, as the Fourth Plenary Session Sent Positive Signals

SMM Nickel October 24 News:

Macro and Market News:

(1) The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing from October 20 to 23, 2025. The plenum outlined the main economic and social development goals for the 15th Five-Year Plan period: achieving significant progress in high-quality development, substantially enhancing the level of sci-tech self-reliance and self-improvement, making new breakthroughs in deepening reforms comprehensively, markedly increasing the degree of social civility, continuously improving the quality of life for the people, achieving new major progress in building a Beautiful China, and further consolidating the national security shield. Building on this, after another five years of hard work, by 2035, China's economic strength, scientific and technological capabilities, national defense capabilities, comprehensive national power, and international influence are expected to see a substantial leap forward, with per capita GDP reaching the level of moderately developed countries, people's lives becoming happier and more prosperous, and the basic realization of socialist modernization.

(2) A spokesperson for the Ministry of Commerce, responding to media inquiries regarding China-U.S. economic and trade consultations, stated that, as agreed by both sides, He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will lead a delegation to Malaysia from October 24 to 27 to hold economic and trade consultations with the U.S. side.

Spot Market:

On October 24, the SMM #1 refined nickel price was 121,400-124,400 yuan/mt, with an average price of 122,900 yuan/mt, up 750 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 2,500-2,600 yuan/mt, with an average premium of 2,550 yuan/mt, unchanged from the previous trading day. The spot premiums and discounts quotation range for mainstream domestic brands of electrodeposited nickel was -100-200 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2512) held up well during the night session, closing up 0.8%. After the morning session on the 24th, prices trended lower with fluctuations, and as of the midday close, it was reported at 121,660 yuan/mt, up 0.4%.

The communique of the Fourth Plenary Session outlined the focus of the next five-year development plan, and the market expects subsequent measures to stimulate domestic demand and promote industrial upgrading, providing short-term support for nickel prices. However, nickel fundamentals remain weak, and the external environment is volatile. Nickel prices are expected to remain in the doldrums, with the reference range for the most-traded SHFE nickel contract at 120,000-124,000 yuan/mt.