Nickel prices rose sharply in January 2026, supported by short-term supply concerns and market speculation. However, the upward trend was not sustained.
Prices began to decline in February and continued to soften through March, as oversupply conditions and elevated inventory levels weighed on the market. Despite the correction, the Stainless Monthly Metals Index (MMI) remained relatively supported during the first quarter, reflecting earlier strength in nickel prices and stable demand from the stainless steel sector.
By April, nickel prices showed signs of stabilization, although they remained below the peak levels observed in January. Overall, the market retained part of its early-year gains but continued to face pressure from persistent supply surplus.
China
