Tight Nickel Spot Supply Supports Prices Amid Bearish Market Sentiment

Published: Jun 9, 2026 14:04

Save

[SMM Nickel Flash] June 9, Fundamental side, spot cargo supply remained tight, providing some support to prices, so spot cargo did not fully follow the decline in futures; but bearish factors were more prominent, the sharp decline in nickel prices weighed on the stainless steel industry, and downstream intended purchase prices fell accordingly. Meanwhile, the substitution advantage of steel scrap further expanded, continuously suppressing the upward momentum of nickel pig iron prices.

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

9 hours ago

Data: SHFE, DCE market movement (Jul 22)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 Jul , 2026

9 hours ago

11 hours ago

Vale Reports Strong Q2 2026 with Record Nickel Production and Sales, Prices Rebound

On July 21, Vale formally released its Q2 2026 financial report. Benefiting from the capacity release of core projects in Brazil and Canada, the company delivered strong operational performance in Q2, with key figures as follows: Production hit a five-year high: In Q2 2026, finished nickel production reached 42,000 mt (42.0 kt), up 4% YoY, setting the best Q2 production record since 2020. Sales rose to 44,400 mt: In Q2, nickel sales reached 44,400 mt (44.4 kt), up sharply by 7.2% YoY. Sales exceeded production by 2,400 mt. Realized selling price rebounded QoQ: In Q2, the average realized nickel price was $18,061/mt, driven by higher average LME prices, up sharply by $1,046/mt from the previous quarter.

11 hours ago

12 hours ago

Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Rises

According to SMM data, on July 22, the FOB price of Indonesian MHP nickel fell $14/mt Ni from yesterday, the FOB price of Indonesian MHP cobalt fell $858/mt Co, and the FOB price of Indonesian high-grade nickel matte rose $71/mt Ni.

12 hours ago