Last week, nickel prices fluctuated, with spot prices ranging from 124,000 to 131,000 yuan/mt and SHFE nickel prices ranging from 124,000 to 129,000 yuan/mt. Fundamentally, there were no structural changes compared to the previous week, and the sentiment remained relatively bearish.
On the fundamentals of refined nickel, export profitability continued in the long term, and the trend of increasing domestic electrodeposited nickel remained unchanged. Although downstream alloy electroplating would choose appropriate prices for procurement, December, being a traditional off-season, coupled with the need for pre-year-end destocking by enterprises, would lead to relatively cautious purchasing. Therefore, demand would hardly provide significant support to prices. In terms of inventory, on December 2, LME warehouse warrants surged by 3,168 mt to 163,134 mt, marking a new high in three years. The high inventory levels both domestically and internationally exerted considerable pressure on the upward movement of nickel prices. On the macro side, although domestic policies aimed at stabilizing growth were reflected in market sentiment, the bearish fundamentals quickly offset the positive sentiment for nickel prices.
From December to the end of the year, spot premiums are expected to decline to some extent.
![[SMM Никель: Экспресс-новости] Ежедневное обновление — 2 сентября 2026 г.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)
