Nickel Softens, Market Turns Cautious

Markets pulled back yesterday.

1. Dow −0.18%

2. S&P −0.37%

3. Nasdaq −0.84%

Base metals showed mixed signals. Nickel dropped to USD 16,980/mt, with weak upward momentum.

What's happening behind the numbers?

Supply side remains complex:

1. Indonesia's nickel ore imports surged in 2025 (+5M tons YoY)

2. RKAB approvals still constrained

3. Rainy season approaching → potential supply tightening

At the same time:

1. Nickel pig iron prices softened

2. Ore prices remain stable

Macro pressure is building

Geopolitics is back in focus.

1. Middle East tensions escalating

2. Oil rebounding

3. Stronger USD

→ Base metals facing short-term pressure

Stainless steel market: losing momentum

1. Spot prices: flat

2. Hot rolled: flat to slightly weaker

3. Trading activity slowing

Market sentiment is shifting:

From bullish momentum → To cautious wait-and-see

What matters now

This is no longer a one-direction market.

Volatility remains, but conviction is fading.

And in this phase:

👉 Timing matters more than direction

At DONG-YU, we don't chase the market. We position with it.