📌 Nickel Market Update – July 3, 2026

Indonesia Nickel Update:

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has released the Nickel Ore Benchmark Price (HMA) for the first half of July 2026.

* Nickel: $17,593.33/MT (previous: $18,642.33/MT)

⬇️ Down 5.63% (-$1,049)

HPM Price Decline:

* Ni 1.2%: $47.40/WMT ⬇️ $2.13

* Ni 1.3%: $51.86/WMT ⬇️ $2.39

* Ni 1.4%: $56.58/WMT ⬇️ $2.95

* Ni 1.5%: $61.49/WMT ⬇️ $3.24

* Ni 1.6%: $66.64/WMT ⬇️ $3.55

Macro Update:

* US ADP employment data came in weaker than expected.

* Metals markets continue to face pressure due to the Fed’s hawkish policy stance.

Nickel Futures:

SHFE Nickel (2609) closed around 125,880 Yuan/MT, with mild weakness continuing.

Market Outlook:

* In the near term, nickel is expected to trade within the 125,000–135,000 Yuan/MT range.

* Philippine ore prices remain under pressure.

* Elevated smelter inventories are slowing purchasing activity.

* The market remains focused on Indonesia’s RKAB policy and high-grade ore availability.

Stainless Steel:

* Demand remains weak due to the off-season.

* Traders are selling at lower prices.

* Steel mills are trying to support prices, but profit margins remain under pressure.

📊 Market Sentiment: Watchful Bearish

(Cautiously bearish outlook)