Global Nickel & Stainless Steel Market Turns Weak: Prices Stabilize but Sentiment Remains Bearish
Yesterday, all three major US stock indices rose, and most futures also increased. The Dow Jones Industrial Average rose 0.44%, the S&P 500 rose 1.55%, and the Nasdaq Composite rose 2.69%. US crude oil rose 1.57%. LME copper rose 0.03%. LME nickel rose $110 to $14,730/ton, with open interest at 263,541 lots, trading volume at 8,995 lots, and inventory at 253,482 tons. SHFE nickel futures rose 800 yuan to 116,100 yuan/ton, with open interest at 146,357 lots, trading volume at 56,604 lots, and inventory at 34,493 tons.
London metals rose across the board, while domestic and international nickel ore prices remained flat, and nickel pig iron prices fell. The Indonesian government officially implemented Government Regulation No. 28 of 2025, restricting new investment in nickel smelters through the "Industrial Operating License" (IUI) system, which provided some support for nickel prices. On the demand side, nickel prices continued to break down, downstream customers became more cautious, and the growth rate of new energy vehicles slowed as the off-season began. Nickel prices are expected to fluctuate weakly in the short term.
Stainless steel spot prices remained unchanged from yesterday. Overnight, stainless steel futures prices fluctuated narrowly, while the non-ferrous metals sector rebounded after a decline. Stainless steel prices bottomed out, with downstream end-users adopting a wait-and-see attitude and making only essential purchases. This morning's market quotations were basically unchanged from yesterday.
Overall, although the futures market provided some support, the stainless steel spot market still faces certain pressure in the short term due to weak spot transactions, cautious downstream sentiment, and price reductions by steel mills. The overall atmosphere is bearish, exhibiting a weak and volatile trend. Going forward, key factors to watch include adjustments to steel mill production plans, raw material price trends, and the implementation of macroeconomic policies.
