[SMM Nickel Midday Review] June 25: Nickel prices fall below the 130,000 yuan mark, and rumors of nickel ore RKAB quotas dampen market sentiment

Published: Jun 25, 2026 13:18

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SMM Nickel, June 25:

Macro and Market News:

(1) The People’s Bank of China announced that, to maintain ample liquidity in the banking system, on June 25, 2026, it will conduct a 500 billion yuan MLF operation via a fixed-quantity, interest-rate tender, and multiple-price bidding method, with a tenor of one year.

(2) On June 24, to implement the “Regulations of the State Council on the Security of Industrial and Supply Chains,” conduct investigations on the security of industrial and supply chains, and safeguard the security of China’s industrial and supply chains, the Ministry of Commerce formulated the “Measures for Investigation on the Security of Industrial and Supply Chains,” which is now promulgated and shall take effect on the date of promulgation.

Spot Market:

On June 25, the SMM #1 refined nickel price dropped by 2,350 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 1,600 yuan/mt, up 100 yuan/mt from the previous trading day, while the range for mainstream domestic brand electrodeposited nickel was -400 to 400 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2607) plunged in the night session, losing the 130,000 yuan mark and hitting a recent low, closing at 129,970 yuan/mt in the morning session, down 0.92%.

The US Fed’s hawkish signals fueled rate hike expectations, pushing the US dollar index above the 101 mark to a 13-month high. Market rumors that Indonesia may raise the total mining quota (RKAB) for 2026 in mid-year significantly dampened market sentiment. In the short term, nickel prices are expected to remain in the doldrums.

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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