Nickel Daily: SHFE nickel prices rise initially before pulling back, while spot trading for refined nickel is generally subdued

The nickel ore market held steady overall yesterday, with prices entering a consolidation phase at high levels after consecutive gains in previous days. Trading activity subdued as both buyers and sellers adopted a more cautious, wait-and-see stance. Mine-side offers remained firm, supported by the high-priced transactions concluded earlier. No new public tenders or reports of large-scale deals emerged during the session. On the downstream side, nickel pig iron (NPI) prices stayed strong, underpinned by high costs. However, the rapid rise in raw material prices has squeezed NPI smelters' profit margins, dampening their willingness to purchase nickel ore at current price levels. Most are currently relying on long-term contract fulfillment or inventory drawdown.SHFE nickel prices rose initially before pulling back during the session, while spot trading for refined nickel was generally subdued.