Benchmark: LME cash nickel (Class 1), in-warehouse. The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential. Deep dive →
| Origin | Basis | Price | vs benchmark | Market note |
|---|---|---|---|---|
🌐 LME (Class 1) Global · terminal market | In-warehouse | 19,750.00 | Benchmark | Full-plate/briquette Class 1 reference |
🇨🇳 Sulphate premium (battery) China · CAM feed | Battery-grade | 20,650.00 | +900.00 (+4.6%)narrowing | Nickel sulphate premium over metal for cathode precursors |
🇷🇺 Russia (Nornickel) Russia · top Class 1 | FOB, LME-deliverable | 19,300.00 | -450.00 (-2.3%)widening | Deliverable but buyers cautious — small discount |
🇮🇩 Indonesia MHP Indonesia · HPAL intermediate | Ni units, payable | 17,650.00 | -2,100.00 (-10.6%)widening | Mixed hydroxide for batteries — payable discount to metal |
🇮🇩 NPI (Class 2) Indonesia · stainless feed | Ni-in-NPI | 16,550.00 | -3,200.00 (-16.2%)stable | Nickel pig iron — huge RKEF supply well under Class 1 |
Differentials are indicative desk assessments over the live benchmark — 90-day spread trend shown per origin.
Track physical flows on the live vessel map →Indicative term structure · Backwardation
Converted from 19,750.00 USD/t · indicative FX
Nickel is traded in the base metals segment, with price discovery referenced against LME. The chart above shows the trailing indicative price path. Physical parcels of Nickel can be sourced or placed through the Off Market desk, listed openly on the Marketplace, or intermediated by a specialist broker.
Class-1 nickel remained soft on ample NPI and refined output, with stainless demand insufficient to absorb the surplus.