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Nickel prices fell in the morning session along with the overall non-ferrous metals market. SMM Nickel Spot Market Midday Review
Mar 31, 2025, at 1:33 pm
Nickel prices declined in the morning session along with the overall non-ferrous metals market. The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 1,300-1,600 yuan/mt, with an average premium of 1,450 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 100 yuan/mt, at a discount of 50 yuan/mt, up by 50 yuan/mt from the previous trading day.
SMM March 31: Spot premiums/discounts: The mainstream spot premium quotation range for Jinchuan No.1 nickel was 1,300-1,600 yuan/mt, with an average premium of 1,450 yuan/mt, down 200 yuan/mt from the previous trading day. The premium/discount quotation range for Russian nickel was -200 to 100 yuan/mt, at a discount of 50 yuan/mt, up 50 yuan/mt from the previous trading day. Futures side: Nickel prices trended lower after opening today. As of 11:30, the closing price was 128,940 yuan/mt, down 1.46% from the previous trading day's settlement price, with the lowest touching 128,580 yuan/mt. Spot premiums/discounts side: Jinchuan brand nickel prices fell 200 yuan from the previous trading day. Due to downstream demand recovery falling short of expectations, the market remained dominated by rigid demand restocking, and traders chose to moderately lower prices to test whether the market could re-boost demand. Macro side, SHFE nickel futures contracts trended lower in the morning session, possibly affected by the general decline of non-ferrous metal products today. Follow-up attention should be paid to the implementation of policies in Indonesia, and nickel prices may still fluctuate in the short term. Price spread with nickel sulphate side: Today's SMM1# refined nickel price was 129,600-132,400 yuan/mt, with an average price of 131,000 yuan/mt, down 1,100 yuan/mt from the previous trading day's spot price. The price spread range was about 2,550 yuan/mt (Ni contained), and nickel sulphate still discounted to refined nickel.
