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 production is expected to increase. The approval progress of Indonesia's RKAB policy remains a key variable, with attention on intermediate product costs and the release of downstream capacity.

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.