Nickel Pulls Back, But the Structure Has Not Changed_26.01.08
- 鋼鐵 東育
- 1月8日
- 讀畢需時 1 分鐘
Markets cooled overnight. Equities softened, energy retreated, and base metals corrected across the board. Nickel followed suit, with prices stepping back from recent highs.
But a price pullback does not mean the fundamentals have turned.
A Technical Pause, Not a Supply Reset
While nickel prices corrected, physical supply constraints remain firmly in place.
Indonesia has allowed miners without finalized 2026 approvals to operate at only 25% of their previously approved output, valid until the end of March. This is a transitional mechanism, not a signal of loosened supply.
In other words, the downside is limited by policy, not sentiment.
Why Nickel Pig Iron Is Still Firm
Interestingly, nickel pig iron (NPI) prices continue to edge higher, even as nickel futures pull back.
This reflects ongoing cost pressure:
Restricted ore availability
Elevated energy and processing costs
These factors are being passed downstream, reinforcing the cost base for stainless steel production.
Stainless Steel: Prices Hold, Volume Hesitates
Stainless steel prices moved up, but transactions remain cautious.
End-users are resisting high prices, purchasing only on immediate demand. Trading activity shows a familiar pattern: prices are visible, liquidity is not.
What to Watch Next
In the short term, nickel is likely to consolidate at elevated levels rather than reverse.
Key variables ahead:
January production adjustments by stainless steel mills
The pace of pre-holiday restocking demand
Until these signals become clearer, the market is likely to trade sideways, digesting gains rather than giving them back.
