Nickel was trading near $16,230 per tonne, rebounding from an eight‑month low as the recent price decline drew in some bargain hunting. The move largely reflected a technical recovery after the latest selloff. However, the short-term outlook remains capped by weak downstream demand in China. Procurement of nickel salts and spot restocking activity are subdued, and some precursor producers have cut operating rates.
On the supply side, Indonesia’s revised nickel ore benchmark pricing formula sharply reduced the HPM for low-grade 1.2% nickel ore to about $24.89 per wet tonne, roughly half its previous level. This change may lower feedstock costs for HPAL plants and encourage greater reliance on low‑grade ore reserves. Even so, elevated inventories throughout the nickel supply chain highlight ongoing destocking, restricting the potential for a durable price recovery despite the latest rebound.
