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Nickel prices surged in the early session and then pulled back slightly. [SMM Nickel Spot Market Midday Review]
Mar 28, 2025, at 2:03 pm
Nickel prices surged in the early session and then slightly pulled back. The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 1,500-1,800 yuan/mt, with an average premium of 1,650 yuan/mt, down by 200 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of -200 to 0 yuan/mt, at a discount of 100 yuan/mt, down by 100 yuan/mt from the previous trading day.
SMM03 March 28: Today, the contract switched to 2505. Spot premiums/discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,500-1,800 yuan/mt, with an average premium of 1,650 yuan/mt, down 200 yuan/mt from the previous trading day. The premium/discount quotation range for Russian nickel was -200 to 0 yuan/mt, at a discount of 100 yuan/mt, down 100 yuan/mt from the previous trading day. Futures side: Nickel prices rose slightly after opening today and then pulled back slightly. As of 11:30, the closing price was 130,480 yuan/mt, still up 0.15% from the previous trading day's settlement price, with a high of 132,080 yuan/mt. Spot premiums/discounts side: Jinchuan brand nickel fell 200 yuan from the previous trading day. This was mainly due to the contract rollover period today, with the price spread between futures contracts ranging from 200 to 300 yuan. Therefore, today's price adjustment of premiums/discounts was more influenced by the price spread between futures contracts. Macro side, SHFE nickel futures contracts rose slightly after opening in the morning and then pulled back slightly. In the short term, nickel prices were affected by mine-side policies and the stable operation of nickel pig iron prices, still showing some resilience and having some room for growth in the short term. Price spread with nickel sulphate side: Today, the SMM1# refined nickel price was 130,900-133,300 yuan/mt, with an average price of 132,100 yuan/mt, up 1,250 yuan/mt from the previous trading day's spot price. The price spread range was about 3,650 yuan/mt (Ni contained), with nickel sulphate still at a discount to refined nickel.
