On April 29, SMM #1 refined nickel prices rose 3,350 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 1,300 yuan/mt, down 50 yuan/mt from the previous trading day; China's mainstream brand electrodeposited nickel ranged from -800 to 0 yuan/mt.

SMM Nickel News, April 29: Macro and Market News: (1) The US prohibited domestic individuals or entities from paying Strait of Hormuz transit fees to Iran, and non-US individuals or entities paying Strait of Hormuz safe passage fees to Iran would also face significant sanctions risks. (2) The Tariff Commission of the State Council issued an announcement that from May 1, 2026 to April 30, 2028, zero tariffs in the form of preferential tax rates will be applied to 20 African countries that have established diplomatic relations with China and are not classified as least developed countries. Spot Market: On April 29, SMM #1 refined nickel prices rose 3,350 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,300 yuan/mt, down 50 yuan/mt from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -800 to 0 yuan/mt. Futures Market: The most-traded SHFE nickel 2606 contract surged in the morning session before pulling back slightly, closing at 150,810 yuan/mt in the morning session, up 1.37%. Indonesia's tightening quota policies continued to strengthen, the sulfur supply crisis intensified, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with recent news of production halts and production cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract price is expected to trade in the range of 140,000-150,000 yuan/mt.

SMM Nickel News, April 28: Macro and market news: (1) On April 27, Moody's Investors Service released a report deciding to maintain China's sovereign credit rating at "A1" and upgraded the outlook to "stable." This rating reflects Moody's high recognition of the strong resilience demonstrated by China's macroeconomic and fiscal strength in the face of external shocks, as well as the new momentum and new progress in China's high-quality economic development. (2) Iranian Foreign Minister: The US requested negotiations, and Iran is considering it. US media reported that Iran proposed a deal to the US to reopen the strait but postponed nuclear talks. Trump was skeptical of Iran's proposal but did not outright reject it. Spot market: On April 28, SMM #1 refined nickel prices fell 1,800 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel averaged 1,350 yuan/mt, unchanged from the previous trading day; premiums for mainstream domestic electrodeposited nickel brands ranged from -1,000 to 0 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract pulled back slightly during the session before rallying again, closing at 149,110 yuan/mt in the morning session, up 0.58%. Indonesia's tightening quota policies continued to intensify, the sulfur supply crisis worsened, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with the recent fermentation of news about production halts and production cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt.

[SMM Daily Comment: Sharp Rise in Nickel Prices Pushes Up Quotes, High-Grade NPI Center Rises Notably] April 27 — The SMM high-grade NPI upstream sentiment factor was 3.29, up 0.08 MoM, and the high-grade NPI downstream sentiment factor was 1.89, flat MoM.

[SMM Nickel Flash] Supply side, nickel prices surged on the overnight futures, and the market unanimously raised quotes, with active sentiment from upstream to hold prices firm. Demand side, stainless steel futures also moved higher, but spot market prices in China remained suppressed by end-users, and steel mills currently had limited acceptance of NPI prices. Overall, the surge in nickel prices drove high-grade NPI prices stronger, but upside room may be limited under end-user suppression.

SMM Nickel News, April 24: Macro and market news: (1) Indonesia's Weda Bay Nickel mine will suspend operations for maintenance starting May, while NPI production remains normal. Although external ore sales reached 8.3 million wmt in Q1 (up 54% YoY), PT WBN announced it would shift its mine operations to "care and maintenance" status in May 2026, as its 2026 RKAB quota was slashed by 70% (the initial batch was only 12 million wmt, far below the 42 million wmt in 2025). (2) The Ministry of Commerce held a regular press conference on the afternoon of April 23. In response to the US Customs and Border Protection initiating related tariff refund procedures on the 20th, the Ministry stated that China has consistently opposed any form of unilateral tariff hike measures. The US unilateral measures, including reciprocal tariffs and fentanyl tariffs, violate international trade rules and US domestic law, undermine the global trade order, and serve no party's interests. Spot market: On April 24, SMM #1 refined nickel prices rose 3,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,850 yuan/mt, down 100 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -600 to 600 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract rose sharply in the morning session, breaking through 146,000 yuan/mt, and closed at 145,900 yuan/mt at the end of the morning session, up 2.63%. Indonesia's tightening quota policy continued to intensify, the sulfur supply crisis deepened, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with the recent fermentation of news about production suspensions and cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt.