[SMM Nickel Midday Commentary] On April 3, nickel prices moved sideways, as Iran and Oman drafted an agreement on the regulation of the Strait of Hormuz

Published: Apr 3, 2026 11:32

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SMM Nickel News, April 3:

Macro and market news:

(1) Iran and Oman were drafting an agreement aimed at implementing "passage regulation" for vessels transiting the Strait of Hormuz, while emphasizing that vessel passage would not be restricted.

(2) The US officially adjusted tariffs on steel, aluminum, and copper, and also announced a plan to impose additional tariffs on pharmaceuticals from enterprises that had not reached agreements or had not reshored to the domestic market.

Spot market:

On April 3, the SMM price of #1 refined nickel rose by 200 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 3,650 yuan/mt, unchanged from the previous trading day; China mainstream electrodeposited nickel brands were at -600-400 yuan/mt.

Futures market:

The most-traded SHFE nickel contract (2605) moved sideways, closing at 134,260 yuan/mt as of this morning session, up 0.07%.

In the short term, tighter Indonesian policies and cost support built a solid bottom for nickel prices, but high inventory and weak end-use demand capped upside room. The core trading range of the most-traded SHFE nickel contract is expected at 133,000-143,000 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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