[SMM Nickel Midday Review] On April 15, nickel prices continued to fluctuate upward; Trump said talks with Iran could take place within two days

Published: Apr 15, 2026 11:35

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SMM Nickel News, April 15:

Macro and Market News:

(1) The US March PPI annual rate came in at 4%, below market expectations of 4.6%. The confirmation hearing for Fed Chairman nominee Kevin Warsh is scheduled for April 21.

(2) Trump said talks with Iran would "possibly within the next two days" be held in Pakistan. Sources said Pakistan called for a 45-day extension of the US-Iran ceasefire, and the US and Iran agreed to continue negotiations, though the time and location remain undetermined.

Spot Market:

On April 15, SMM #1 refined nickel prices rose 3,800 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 2,750 yuan/mt, down 150 yuan/mt from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -500-600 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2605 contract continued its sharp upward trend during the morning session, closing at 141,500 yuan/mt, up 2.58%.

Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially confirmed the implementation of the revised nickel ore benchmark price (HPM) calculation formula starting April 15, 2026, which is expected to significantly raise the floor support for nickel prices, driving a sharp rally in nickel prices. In the short term, nickel prices are expected to hold up well on sentiment following the release of the new pricing formula. Going forward, attention should be paid to the actual cost increase after the implementation of Indonesia's new HPM formula.

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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