Nickel Prices Firm as Upstream Sentiment Strengthens and Indonesian Ore Costs Rise

Published: Apr 29, 2026 18:59

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[SMM Nickel Flash] April 29, supply side, upstream sentiment to hold prices firm and hold back from selling remained strong, with mainstream quotations concentrated at 1,120-1,150 yuan/nickel unit. Bullish expectations for the market strengthened, and post-holiday quotations are expected to continue rising. Meanwhile, costs of nickel ore raw materials in Indonesia continued to rise, further supporting upstream willingness to hold prices firm. Demand side, affected by the deepening of invoice management controls, the market expected medium and long-term steel scrap procurement to remain restricted. Downstream steel mills' demand for NPI rose again, coupled with strong restocking willingness among steel mills underpinned by cost support.

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