[SMM Nickel Midday Review] Nickel Prices Continued to Decline on January 28, with Total Profits of Industrial Enterprises Above Designated Size Nationwide Growing by 0.6% in 2025

SMM Nickel January 28 News:

Macro and Market News:

(1) National Bureau of Statistics: In 2025, the total profits of industrial enterprises above designated size reached 7,398.2 billion yuan, an increase of 0.6% compared to the previous year.

(2) At the invitation of Premier Li Qiang of the State Council, UK Prime Minister Starmer will pay an official visit to China from January 28 to 31. This visit marks the first visit by a British Prime Minister to China in eight years.

Spot Market:

On January 28, the price of SMM #1 refined nickel ranged from 142,100 to 150,100 yuan/mt, with an average price of 146,100 yuan/mt, down 2,000 yuan/mt from the previous trading day. The mainstream spot premium of Jinchuan #1 refined nickel was quoted in the range of 6,300-6,900 yuan/mt, with an average premium of 6,600 yuan/mt, down 150 yuan/mt from the previous trading day. The quotation range for spot premiums/discounts of mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2603) had a net gain of 1.24% at the close of the morning session, closing at 144,620 yuan/mt.

The current US dollar index continues to weaken, providing macro sentiment support for non-ferrous metal prices. Indonesia's plan to cut nickel ore RKAB quotas remains the core driver of nickel prices, and recent supply disruptions such as the investigation of the Indonesian Business Competition Supervision Commission into the logistics monopoly of the IMIP park have been frequent. Nickel prices are more likely to rise than fall, with the center remaining at a relatively high level.