**Nickel Prices Fluctuate, with Deepening Price Inversion Between Nickel Salts and Nickel Beans**
On October 25th, the Jinchuan nickel premium was reported at 1,500-1,600 yuan/ton, with an average price of 1,550 yuan/ton. The average price was down by 100 yuan/ton compared to the previous trading day. The Russian nickel premium was quoted at -300 to -100 yuan/ton, with an average price of -200 yuan/ton. The average price decreased by 50 yuan/ton compared to the previous trading day.
![[SMM Analysis] Demanda de compra externa downstream fraca; preços do sal de níquel caíram esta semana](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[SMM Análise do Meio-Dia do Níquel] Os preços do níquel tiveram uma recuperação significativa em 3 de setembro. Os dados de emprego ADP dos EUA em agosto vieram surpreendentemente fracos, esfriando levemente as apostas em um aumento de juros em setembro.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)
