SMM Nickel Market Update on February 13:
Macro and Market News:
(1) The central bank issued a tender announcement for outright reverse repo operations. To maintain ample liquidity in the banking system, the People's Bank of China conducted 1,000 billion yuan of outright reverse repo operations on February 13, 2026, using a fixed quantity, interest rate bidding, and multiple-price award method, with a maturity of 6 months (182 days).
(2) US President Trump stated on February 12 local time that the US "must" reach an agreement with Iran, otherwise the situation will become "very serious." Trump hopes the US and Iran will reach a deal "in about a month."
Spot Market:
On February 13, the SMM #1 refined nickel price ranged from 134,800 to 145,400 yuan/mt, with an average price of 140,100 yuan/mt, down 5,250 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,200-9,500 yuan/mt, with an average premium of 8,850 yuan/mt, up 100 yuan/mt from the previous trading day. The spot premiums and discounts quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt.
Futures Market:
The most-traded SHFE nickel contract (2603) opened lower and moved downward, plunging significantly during the session. By the morning close, it fell 3.83% to 134,950 yuan/mt.
There was new progress in the Indonesian nickel ore quota (RKAB) policy that the market has been focusing on. Indonesian officials revealed that the 2026 RKAB production target for nickel ore was set at 260-270 million mt. After two days of digestion, nickel prices saw a significant correction today. Post-holiday factors such as the enforcement of Indonesian quotas, the progress of new smelting approvals, and the recovery of actual demand will be the core variables determining the next trend.
