[SMM Nickel Midday Review] Nickel Prices Fluctuated Upward on April 22 as Trump Announced Extension of Ceasefire Deadline

Published: Apr 22, 2026 11:35

Save

SMM Nickel News, April 22:

Macro and market news:

(1) Trump announced on local time Tuesday an extension of the ceasefire deadline, maintaining the naval blockade and awaiting Iran's submission of a unified negotiation proposal.

(2) Fed Chairman nominee Warsh: The US Fed needs to develop a new framework to address inflation.

Spot market:

On April 22, SMM #1 refined nickel prices rose 750 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,950 yuan/mt, flat from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -500-600 yuan/mt.

Futures market:

The most-traded SHFE nickel 2606 contract fluctuated higher in the morning session, closing at 142,340 yuan/mt, up 0.81%.

The positive impact of Indonesia's nickel ore HPM new policy was phased in and digested, with funds taking profits, nickel prices faced pullback pressure. However, the medium-term support logic for nickel prices remained solid. Going forward, attention should be paid to changes in actual transaction prices of Indonesian nickel ore and the impact of US-Iran conflict geopolitical tensions on sulfur supply. The most-traded SHFE nickel contract price is expected to trade in the range of 140,000-150,000 yuan/mt.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[NPI Daily Review] Upstream and Downstream Divergence Gradually Narrowed, Market Activity Continued to Increase

[SMM Daily Comment: Divergence Between Upstream and Downstream Gradually Narrowed, Market Activity Continued to Increase] April 22 — The SMM high-grade NPI upstream sentiment factor was 3.1, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 1.91, up 0.05 MoM.

1 hour ago

3 hours ago

SMM #1 Refined Nickel Prices Increase by 750 Yuan/MT on April 22

On April 22, SMM #1 refined nickel prices rose by 750 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,950 yuan/mt, flat from the previous trading day; China's mainstream brand electrodeposited nickel ranged from -500 to 600 yuan/mt.

3 hours ago

Shanghai Futures Exchange Approves Registration of Indonesian "DX-zwdx" Brand Electrolytic Nickel

Recently, the Shanghai Futures Exchange announced its approval for the registration of "DX-zwdx" brand electrolytic nickel (electrowinning process, Ni99.96) produced by PT CNGR DING XING NEW ENERGY, with a registered production capacity of 50,000 tons. Starting from the date of the announcement, this product can be used for the settlement of nickel futures contracts on the Shanghai Futures Exchange. The product is sourced from the IMIP Industrial Park in Central Sulawesi Province, Indonesia.

3 hours ago