In the first week after the Labour Day holiday, nickel prices saw an intense tug-of-war between longs and shorts, displaying an overall pattern of rising first then falling. At the start of the week, LME fluctuated at highs during the holiday period and tight supply sentiment continued. After the holiday ended, SHFE nickel opened higher with a gap. Mid-week, the most-traded SHFE nickel contract surged over 3.5% in a single day, hitting an intraday high of 155,360 yuan/mt — a new yearly high — while LME nickel briefly approached $20,000/mt. However, in the latter part of the week, signals of resumed US-Iran negotiations emerged, marginally easing market concerns over tight sulfur supply. Combined with concentrated profit-taking at highs, nickel prices pulled back sharply, falling a cumulative 3.4%+ over two days. Spot market side, the weekly average SMM #1 refined nickel price was 149,383 yuan/mt, down 4,050 yuan/mt WoW. Jinchuan nickel premiums further declined to 1,100 yuan/mt. Domestic mainstream electrodeposited nickel remained at significant discounts. After the sharp decline in futures, spot trading activity improved compared to pre-holiday levels. On the macro front, the signal of resumed US-Iran negotiations — with both sides potentially negotiating on conflict resolution and opening the Strait of Hormuz — eased sulfur supply concerns accordingly, and nickel prices pulled back notably. The hawkish stance of Fed Chairman nominee Warsh at his confirmation hearing last week continued to weigh on market expectations this week. The US Fed's April meeting kept interest rates unchanged, with the current benchmark rate range maintained at 3.5%–3.75%. Persistently high oil prices continued to push the inflation center upward, with core PCE data still above the Fed's 2% target. Market-implied probability of a June interest rate cut has fallen to extremely low levels. Expectations for one rate cut for the full year remain the mainstream view but with significant uncertainty. Inventory side, Shanghai Bonded Zone inventory was approximately 1,700 mt this week, flat WoW. China's social inventory was approximately 101,000 mt, a buildup of about 600 mt WoW. Looking ahead, geopolitical conflict dynamics persist. If US-Iran negotiations progress smoothly, market expectations of sulfur supply disruptions will ease, and the nickel price center may shift lower. The most-traded SHFE nickel contract is expected to trade in the range of 140,000–150,000 yuan/mt, with key support below from the rigid cost floor established by Indonesia's new HPM policy.

Nickel prices continued to rise sharply this week, with the market narrative shifting from last week's "fluctuating at highs after policy materialization" to "full fermentation of substantive supply-side shocks." Indonesia's Weda Bay nickel mine announced a May production halt for maintenance due to exhausted RKAB quotas, Huayou Cobalt's subsidiary Huafei Nickel & Cobalt announced partial production line shutdowns from May 1 due to sulfur shortages, and the continued blockade of the Strait of Hormuz in the Middle East deepened the sulfur supply crisis. The three supply-side shocks combined to push nickel price centers sharply higher. The most-traded SHFE nickel contract broke through the 150,000 yuan/mt mark this week, while LME nickel briefly surpassed $19,500/mt intraday. Spot market, SMM #1 refined nickel averaged 150,000 yuan/mt this week, up 5,000 yuan/mt WoW. Spot premiums remained low as futures surged rapidly, with Jinchuan nickel premiums declining to 1,300 yuan/mt. Domestic mainstream electrodeposited nickel maintained significant discounts, further highlighting the structural feature of "strong futures, weak spot" in supply-demand fundamentals. On the macro front, US-Iran negotiations reached a complete impasse this week, with expectations of prolonged geopolitical risks rising. The two sides diverged sharply on the Strait of Hormuz issue: Trump claimed Iran was "on the verge of collapse and requesting the strait be opened," demanding Iran hand over all enriched uranium; Iran emphasized its "absolute control" over the strait and demanded transit fees from passing vessels. Fed Chairman nominee Warsh explicitly refused to commit to interest rate cuts at last week's hearing, and the market continued to digest this stance this week — CME Fed Watch showed a 99% probability of rates remaining unchanged in April and only about 3% probability of a cumulative 25bp cut by June, with monetary easing expectations virtually disappearing. Inventory, Shanghai Bonded Zone inventory was approximately 1,700 mt this week, flat WoW. China's social inventory was approximately 101,000 mt, with an inventory buildup of approximately 3,200 mt WoW. Looking ahead, although persistently high domestic inventory continued to pressure prices, Indonesia's Q2 triple shock of "ore tightening + sulfur supply disruption + MHP production cuts" is accelerating from expectations toward reality. After the Labour Day holiday, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-155,000 yuan/mt.

Nickel prices trended higher in a volatile manner this week, with supply-side news serving as the core driver of price movements. At the beginning of the week, the most-traded SHFE nickel contract opened low near 140,010 yuan/mt. Mid-week, news that Indonesia's Weda Bay planned to halt production in May, combined with cost-side factors such as the implementation of Indonesia's new HPM tax policy and surging sulfur prices, pushed nickel prices higher for three consecutive days. On Friday, prices briefly broke through 146,000 yuan/mt, with a weekly gain of 0.99%. LME nickel strengthened in tandem, reaching a high of $18,850/mt, with a weekly gain of 4.11%. Spot market, the weekly average price of SMM #1 refined nickel was 142,770 yuan/mt, up 2,000 yuan/mt WoW. Jinchuan nickel premium declined to 1,900 yuan/mt, and mainstream domestic electrodeposited nickel remained at a discount. Rising futures prices this week suppressed downstream pricing willingness, and overall trading was mediocre. Macro and market news, SHFE added two Indonesian refined nickel delivery brands "Yongheng" and "Dingxing" this week, further expanding the channel for low-cost Indonesian electrodeposited nickel to register for delivery in the Chinese market, which will exert sustained restocking pressure on SHFE warrants and domestic refined nickel social inventory. Starting from the evening of April 21, overseas investors were officially permitted to participate in SHFE nickel futures and options trading, further enhancing the openness of the nickel product. On the macro front, Trump extended the US-Iran ceasefire deadline last week, but substantial progress in US-Iran negotiations was severely lacking this week. Iran stated it had "no plan to engage in negotiations in the near term," and both sides continued to blockade the Strait of Hormuz as a bargaining chip, with tensions re-escalating. Fed Chairman nominee Kevin Warsh explicitly refused to commit to interest rate cuts at a confirmation hearing held by the Senate Banking Committee this week, stating he would focus on "underlying inflation." Inventory, Shanghai Bonded Zone inventory was approximately 1,700 mt this week, flat WoW. Domestic social inventory was approximately 97,000 mt, an inventory buildup of about 3,300 mt WoW. Looking ahead, Indonesia's quota tightening policy 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 cuts at Indonesian smelters, nickel prices are expected to hold up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt next week.

Nickel market remained in the doldrums this week. On the first trading day after the Qingming Festival, both SHFE and LME nickel opened low and trended lower, with a lack of market drivers. Combined with the Strait of Hormuz blockade triggering broad pressure on risk assets, nickel prices were clearly in the doldrums. However, mid-week, the announcement of a US-Iran ceasefire sharply boosted risk appetite, the US dollar index came under significant pressure, and nickel prices rebounded notably alongside improved sentiment across the non-ferrous sector in and outside China. Spot market, the weekly average price of SMM #1 refined nickel was 135,363 yuan/mt, down 300 yuan/mt WoW. Jinchuan nickel premiums continued to weaken, with the weekly average at 3,500 yuan/mt, down 300 yuan/mt WoW. Trading of imported cargoes and domestic electrodeposited nickel was overall sluggish, spot premiums declined in tandem, and downstream procurement was mainly driven by rigid demand, with limited willingness to restock. On the macro front, on April 7, US President Trump announced that if Iran agreed to fully open the Strait of Hormuz, the US would agree to suspend military operations against Iran for two weeks. Iran's Supreme National Security Council promptly accepted the ceasefire proposal. However, the stability of the ceasefire agreement remained in doubt, as the Strait of Hormuz was closed again on April 8. Geopolitical risks were not fully resolved, and market sentiment may continue to swing wildly as the situation fluctuates. US March non-farm payrolls data rebounded beyond expectations, hitting a high of over a year. After the data release, market bets on US Fed interest rate cuts cooled notably. The minutes of the US Fed's March FOMC meeting showed that the vast majority of officials believed progress on inflation pullback could be slower than expected, and the rate cut path had already narrowed significantly before the ceasefire. Inventory, Shanghai Bonded Zone inventory was approximately 1,700 mt this week, flat WoW. Domestic social inventory was approximately 92,000 mt, with an inventory buildup of about 200 mt WoW. Currently, nickel prices are caught between geopolitical risk fluctuations and weak fundamentals. In the short term, the core fluctuation range for the most-traded SHFE nickel contract is expected to be 130,000–138,000 yuan/mt.

This week, the nickel market generally showed a pattern of "falling first and then rebounding, moving sideways within a range," with an intense tug-of-war between longs and shorts. The core fluctuation range of the most-traded SHFE nickel contract was around 133,000-138,000 yuan/mt, down 1.82% on a weekly basis, while the LME nickel 3M contract also fluctuated lower this week, down 0.67%. In the spot market, the average SMM #1 refined nickel price was 136,600 yuan/mt this week, down 3,300 yuan/mt WoW. Jinchuan nickel premiums weakened sharply, falling all the way from 5,000 yuan/mt at the beginning of the week to 3,650 yuan/mt on Friday, with the weekly average at about 3,900 yuan/mt. Against the backdrop of high inventory in China, imported cargoes still faced circulation pressure, suppliers showed stronger willingness to sell, and premiums declined in tandem. Overall spot transactions were sluggish. With the Qingming Festival approaching and prices remaining high, downstream buyers showed insufficient purchasing enthusiasm, with rigid demand dominating. On the macro front, at the end of Q1 2026, US economic data showed stronger-than-expected resilience, undermining market confidence in a US Fed interest rate cut before June. This supported a stronger US dollar in the short term and put valuation pressure on commodities such as nickel. China's official manufacturing PMI for March came in at 50.5%, remaining in expansion territory for a second consecutive month, indicating signs of a manufacturing recovery. Repeated fluctuations in the Middle East situation have caused oil price fluctuations, driving swings in overall risk appetite across the commodities market, and nickel prices showed a relatively strong linkage to financial factors. Inventory side, Shanghai Bonded Zone inventory was about 1,700 mt this week, flat WoW. China's social inventory was about 92,000 mt, with an inventory buildup of about 1,800 mt WoW. In the short term, nickel prices are expected to remain in a tug-of-war pattern of "strong support from the cost floor, weak actual demand, and policy-driven sentiment disruptions," making rangebound fluctuations more likely. The core fluctuation range of the most-traded SHFE nickel contract is expected to be 130,000-138,000 yuan/mt.

This week, nickel prices first fell and then rose, moving sideways amid a tug-of-war between macro fluctuations and supply-side policy. Early in the week, affected by a stronger US dollar and risk-off sentiment across global commodities, LME nickel once fell below the key $17,000 level. It then rebounded on easing tensions in the Middle East and policy expectations that Indonesia planned to impose a nickel export tax. As of Friday's close, the weekly price of the most-traded SHFE nickel contract rose 3%, while the LME nickel 3M contract gained 2.4% WoW. In the spot market, the average SMM price of #1 refined nickel was 138,030 yuan/mt this week, up 1,100 yuan/mt WoW. The average Jinchuan nickel premium was 5,900 yuan/mt this week, down 1,600 yuan/mt WoW. Premiums for mainstream electrodeposited nickel brands in China ranged from -600-400 yuan/mt. Nickel plate premiums fell notably this week, and sluggish demand led to poor trading in the spot market. On the macro front, geopolitical risks continued to weigh on market risk appetite this week. According to US media reports, the US Department of Defense was formulating a "decisive lethal strike" military plan against Iran, which could include the deployment of ground forces and large-scale airstrikes. Although news of a ceasefire window had emerged earlier, risk-off sentiment did not truly fade. China's macro policy maintained a positive tone, and the pro-growth signals released at the Boao Forum boosted market confidence. Inventory side, Shanghai Bonded Zone inventory was about 1,700 mt this week, with destocking of 500 mt WoW. China's social inventory was about 90,000 mt, with an inventory buildup of about 1,300 mt WoW. Nickel prices are expected to remain in a tug-of-war between "strong cost support" and "weak actual demand" in the short term. The core trading range of the most-traded SHFE nickel contract is expected at 133,000-143,000 yuan/mt. Cost-floor support provided by Indonesian policy remains solid, but macro pressure and weak demand will limit upside room.

This week, the center of nickel prices moved lower WoW, with the most-traded SHFE nickel contract fluctuating within 132,000-140,000 yuan/mt. Early in the week, it fell below the 135,000 yuan mark amid weaker macro sentiment, but in the latter part of the week, rumors of maintenance at HPAL projects provided strong support around 133,000 yuan, and prices eventually returned to fluctuate around 137,000 yuan/mt. As of Friday's close, the most-traded SHFE nickel contract rose 0.14% WoW, while LME nickel gained 0.06% WoW. In the spot market, the average SMM #1 refined nickel price was 140,510 yuan/mt this week, up 850 yuan/mt WoW. The average premium for Jinchuan nickel was 6,800 yuan/mt this week, down 100 yuan/mt WoW, while premiums for mainstream electrodeposited nickel brands in China ranged from -300 to 400 yuan/mt. Overall spot transactions were mediocre this week. On the macro front, geopolitical risks escalated markedly this week. In his first statement after taking office, Iran's new supreme leader said the Strait of Hormuz would remain closed and that a new front would be opened if necessary. US ADP employment increased by 63,000 in February, above market expectations. As a result, the US dollar index strengthened, putting pressure on non-ferrous metal prices. Pan Gongsheng, governor of China's central bank, said the next step would be to build a scientific and prudent monetary policy framework, continue to effectively implement a moderately accommodative monetary policy, and strengthen counter-cyclical and cross-cyclical adjustments. Inventory side, inventory in the Shanghai Bonded Zone was about 2,200 mt this week, flat WoW. China's social inventory was about 87,000 mt, with an inventory buildup of about 3,000 mt WoW. In Indonesia's Morowali region, some HPAL plants cut production due to tailings accidents. Meanwhile, tensions in the Middle East raised the risk of sulfur supply disruptions, and the market expected future MHP intermediate product supply to be tight, with strong willingness to hold prices firm, which would provide some cost support for nickel prices. However, the area above 140,000 yuan/mt still faced strong resistance from high inventory and weak demand. The core trading range for the most-traded SHFE nickel contract next week is expected to be 135,000-145,000 yuan/mt.

Nickel prices came under pressure and pulled back this week. Early in the week, rumors of tighter approvals for RKAB on the Indonesian ore side spurred the futures market to rally briefly, but it later retreated as US Fed officials repeatedly delivered hawkish remarks, the US dollar index held above 106, and global risk assets came under broad pressure. With tensions in the Middle East rising, macro risk-off sentiment strengthened, and nickel prices on SHFE and LME corrected notably. The most-traded SHFE nickel contract closed at 137,140 yuan/mt on Friday, down 1.6% on the week. The LME nickel 3M contract fluctuated between $17,000-17,900/mt this week, with a weekly decline of 2%. In the spot market, the weekly average price of SMM #1 refined nickel was 140,600 yuan/mt, down 2,150 yuan/mt WoW. The weekly average Jinchuan nickel premium was 6,900 yuan/mt, down 1,100 yuan/mt versus the week before Chinese New Year. Premiums for mainstream domestic brands of electrodeposited nickel ranged from -400-400 yuan/mt. After nickel prices fell this week, downstream restocking driven by rigid demand became more evident, and overall spot nickel plate shipments increased WoW. On the macro front, US ADP employment in February increased by 63,000, the largest rise since November 2025 and above the market expectation of 50,000, weakening expectations for US Fed interest rate cuts. Meanwhile, US January PCE and core PCE inflation data rose above expectations, and the US dollar index rebounded, creating short-term pressure on base metal prices. Geopolitical tensions continued to escalate this week, with Iran announcing the closure of the Strait of Hormuz, posing a potential threat to the sulfur supply chain. Domestically, the Two Sessions emphasized medium and long-term benefits from national defense spending, improving expectations for alloy demand in sectors such as defense industry and shipbuilding, which supported nickel alloy consumption. Inventory: Shanghai Bonded Zone inventory was about 2,200 mt this week, flat WoW. Domestic social inventory was about 85,000 mt, with an inventory buildup of about 8,000 mt WoW. Nickel prices are currently in a stalemate, with firmer cost support but unchanged near-term pressure. Tighter Indonesian RKAB quotas and tight nickel ore supply provided strong support for nickel prices, but levels above 140,000 yuan/mt faced strong resistance from high inventory and weak demand. The core expected trading range for the most-traded SHFE nickel contract next week is 130,000-140,000 yuan/mt.

Nickel prices experienced a pattern of retreating after a rapid rise and fluctuating at highs this week. At the beginning of the week, driven by supply-side disruptions in Indonesia, nickel prices in both domestic and overseas markets strengthened simultaneously, with LME nickel once climbing back above $18,000/mt. However, by mid to late week, a stronger US dollar and continued inventory buildup on the LME exerted downward pressure on prices, leading to a slight correction in nickel prices. As of Friday, the most-traded SHFE nickel 2605 contract closed at 140,980 yuan/mt, posting a weekly gain of 3.46%; LME nickel also rose over 3% for the week. In the spot market, the average price of SMM #1 refined nickel this week was 143,450 yuan/mt, up 2,550 yuan/mt WoW. The average premium for Jinchuan nickel this week was 8,300 yuan/mt, down 1,000 yuan/mt compared to the week before the Chinese New Year. The premiums and discounts for mainstream domestic brands of electrodeposited nickel ranged from -600 to 300 yuan/mt, also declining. Spot trading activity was relatively mediocre in the first week after the post-Chinese New Year resumption of work; market participants mostly adopted a wait-and-see attitude amid rising nickel prices, and with some end-users resuming operations at a slower pace, only a few enterprises made their first round of just-in-time procurement after the holiday. On the macro front, the US dollar index rose slightly by 0.2% this week, and the market remains divided over the policy path of the incoming US Fed Chair Warsh. Geopolitically, progress in US-Iran negotiations has been limited; while differences persist, the two sides are nearing consensus in some areas, with technical talks scheduled for March 2. Repeated fluctuations in the geopolitical situation continue to impact market risk appetite. Domestically, the central bank continued to precisely inject liquidity through open market operations this week to maintain stability in the quarter-end funding environment. Inventory side, Shanghai Bonded Zone inventory stood at approximately 2,200 mt this week, flat WoW. Domestic social inventory was around 77,000 mt, with an inventory buildup of about 2,000 mt WoW. In the short term, nickel prices are expected to enter a phase of fluctuations. On the downside, supply disruptions in Indonesia and expectations of a supply gap provide a floor, limiting significant downside room; on the upside, persistently high inventory levels and weak spot demand present clear resistance to further rises. The core fluctuation range for the most-traded SHFE nickel contract next week is projected at 135,000-145,000 yuan/mt.

Nickel prices experienced wild swings WoW as market expectations materialized. From the beginning to mid-week, Indonesia's ESDM Minister revealed that the 2026 nickel ore RKAB production target was set at 260-270 million mt, aligning with previous market expectations. The continuous positive developments boosted market sentiment, driving nickel prices higher in both domestic and overseas markets. The most-traded SHFE nickel contract once again broke through the 140,000 yuan/mt mark, while LME nickel prices returned above $18,000/mt. However, a significant technical pullback occurred on Friday (the last trading day before the Chinese New Year holiday). In the spot market, the average price of SMM #1 refined nickel was 141,290 yuan/mt this week, up 4,300 yuan/mt WoW. The average premium for Jinchuan nickel was 9,300 yuan/mt WoW, down 650 yuan/mt WoW. The premiums and discounts for mainstream domestic brands of electrodeposited nickel remained stable within the range of -400-400 yuan/mt. Most end-users and traders had already entered the holiday early, resulting in a relatively quiet spot market with participants mostly adopting a wait-and-see approach. On the macro front, the US Fed Chairman attended a hearing at the Senate Banking Committee this week, indicating an intention to slow the pace of balance sheet reduction while reiterating that the inflation rate remains above the long-term 2% target, suggesting that interest rates may remain unchanged for a longer period. This stance moderated the previous hawkish expectations following Wash's nomination, leading to a pullback in the US dollar index from highs. Geopolitically, on February 12, Trump stated that the US "must" reach an agreement with Iran, hoping to reach a consensus in "about a month." Domestic macro policies maintained an active tone. On Friday, the People's Bank of China conducted 100 billion yuan in 6-month (182-day) one-off reverse repo operations, aiming to maintain reasonably ample liquidity in the banking system. Inventory side, Shanghai Bonded Zone inventory was around 2,200 mt this week, flat WoW. Domestic social inventory was approximately 75,000 mt, with an inventory buildup of about 1,300 mt WoW. At the current stage, expectations regarding Indonesian policy alone cannot support a sustained rise in nickel prices. The support level around 130,000 yuan/mt for SHFE nickel shows strong resilience due to Indonesia's quota tightening policies, while the resistance above 145,000 yuan/mt remains significant due to high inventory and weak demand. After the Chinese New Year holiday, nickel prices are expected to enter a phase of wide swings at high levels, with the core trading range for the most-traded SHFE nickel contract projected at 130,000-145,000 yuan/mt. Key factors to watch include whether the anticipated supply contraction materializes as expected after the holiday, as well as the pace of downstream work resumption and the strength of restocking demand.