Nickel Market Sees Strong Supply Sentiment, Cautious Demand, and High Premiums for High-Grade Resources

Published: May 8, 2026 15:55

Save

[SMM Nickel Flash] May 8: On the supply side, the sentiment to hold prices firm remained strong, premiums for high-grade resources were still evident, and the structural divergence in overall supply intensified. On the demand side, steel mills were cautious in purchasing, enterprises that had already restocked before the holiday showed low willingness to purchase, and acceptance of high price quotes was weak. The market overall presented a standoff pattern of firm quotes, cautious purchasing, and limited transactions, with prices likely to fluctuate at highs and move sideways in the short term.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

SMM Nickel Flash: NPI Market Weakens, Sentiment and Trading Sluggish in June

[SMM Nickel Flash] June 24 - The SMM high-grade NPI market sentiment factor was 2.23, down 0.04 MoM. The upstream sentiment factor for high-grade NPI was 2.59, down 0.08 MoM, and the downstream sentiment factor was 1.86, down 0.02 MoM. The NPI market weakened overall today, with extremely sluggish trading. The supply-demand price spread continued to widen. The substitution effect of steel scrap, combined with expectations of steel mill maintenance, doubly weighed on NPI demand.

3 hours ago

4 hours ago

[SMM Analysis] May Hydrometallurgy Intermediate Products Import and Export

4 hours ago

6 hours ago

[SMM Flash News] Indonesia Reportedly Considering Easing Nickel Mining Quotas in H2; Unconfirmed by ESDM

Market rumors suggest that Indonesia may relax the restrictions on the annual nickel ore mining quota (RKAB) in the second half of this year. This move may alleviate the tight raw material supply situation of local smelting enterprises, but it may also put downward pressure on international nickel prices. According to an unnamed informed source, the government may adjust a significant amount of the total annual nickel ore mining quota in the middle of the year, and some nickel ore enterprises plan to submit applications for quota increases early next month. However, the news is currently highly uncertain. As of now, there have been no clear reports from local Indonesian media, and the Ministry of Energy and Mineral Resources (ESDM) of Indonesia has not issued any official news or statements to confirm the claim regarding a substantial quota revision. The plan to relax the quota still has significant uncertainties, and SMM will continue to closely monitor the actual progress and official developments of this event.

6 hours ago