Research & Stock Picks

Company Reports

31 January 2025

By

Nickel Weekly (20 – 30 January 2025): Avg. USD 15,473/ton (-1.2% WoW)

Recent Catalysts Driving the Price

  • In the last nine trading days, average nickel prices dropped to USD 15,473/ton (-1.2% WoW) due to muted demand on CNY holiday despite -4.9% MoM drop in China's January refined nickel output on production suspensions. Additionally, abundant inventory due to early stockpiling, potential relaxation in Indonesia’s nickel ore export quotas, and Trump's 25% tariff announcement on Mexico and Canada further weighed on prices.
  • China’s NPI production saw a sharp contraction in January, with physical content down -10.7% MoM and metal content dropping -12.7% MoM, driven by weak high-grade NPI prices, firm nickel ore costs following the Philippines' rainy season, and mounting smelter losses. Environmental restrictions in northern China and lower stainless steel output added further pressure on nickel prices. Thus, market players expect oversupply concerns to persist further, causing nickel production decline in February.
  • We maintain our FY25 forecast at USD 15,000 (YTD: USD 15,395/ton) amid global uncertainties and volatile supply-demand dynamics. Stock-wise, we retain NCKL as our top pick, on anticipated earnings growth from capacity expansions and industry-low cash costs, with TP of IDR 850 (FY25 P/E: 7.3x).

Share This:

harga nikel merosot

Download PDF

Download PDF

UPDATE_Nickel_Weekly_20250131

Download PDF

UPDATE_Nickel_Weekly_20250131

More Related

Morning Briefs

Nov 7, 2025

Economic Reports

Nov 6, 2025

Morning Briefs

Nov 6, 2025

Economic Reports

Nov 5, 2025

Economic Reports

Nov 5, 2025

Morning Briefs

Nov 5, 2025

laba bumi

Company Reports

Nov 5, 2025

Economic Reports

Nov 4, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Morning Briefs

Nov 3, 2025

Company Reports

Oct 31, 2025

Morning Briefs

Oct 31, 2025

Economic Reports

Oct 30, 2025

Company Reports

Oct 30, 2025

Economic Reports

Oct 30, 2025

Technical Stock Analysis

Oct 30, 2025

Morning Briefs

Oct 30, 2025

Economic Reports

Oct 29, 2025

Technical Stock Analysis

Oct 29, 2025

Morning Briefs

Oct 29, 2025

Economic Reports

Oct 28, 2025

Technical Stock Analysis

Oct 28, 2025

Economic Reports

Oct 27, 2025

Technical Stock Analysis

Oct 27, 2025

Morning Briefs

Oct 27, 2025

Economic Reports

Oct 26, 2025

Technical Stock Analysis

Oct 24, 2025

Morning Briefs

Oct 24, 2025

Economic Reports

Oct 23, 2025

Technical Stock Analysis

Oct 23, 2025

Morning Briefs

Oct 23, 2025

Economic Reports

Oct 22, 2025

Economic Reports

Oct 22, 2025

Technical Stock Analysis

Oct 22, 2025

Morning Briefs

Oct 22, 2025

Economic Reports

Oct 21, 2025

Morning Briefs

Oct 21, 2025

Economic Reports

Oct 20, 2025

Morning Briefs

Oct 20, 2025

Technical Stock Analysis

Oct 20, 2025

Economic Reports

Oct 19, 2025

Company Reports

Oct 17, 2025

Technical Stock Analysis

Oct 17, 2025

Morning Briefs

Oct 17, 2025

Economic Reports

Oct 16, 2025

Technical Stock Analysis

Oct 16, 2025

Morning Briefs

Oct 16, 2025

Economic Reports

Oct 15, 2025

Technical Stock Analysis

Oct 15, 2025

Morning Briefs

Oct 15, 2025

Economic Reports

Oct 14, 2025

Technical Stock Analysis

Oct 14, 2025

Economic Reports

Oct 13, 2025

Morning Briefs

Oct 13, 2025

Technical Stock Analysis

Oct 13, 2025

Economic Reports

Oct 12, 2025

Technical Stock Analysis

Oct 10, 2025

Morning Briefs

Oct 10, 2025

Economic Reports

Oct 9, 2025

Technical Stock Analysis

Oct 9, 2025

Morning Briefs

Oct 9, 2025

Economic Reports

Oct 8, 2025

Technical Stock Analysis

Oct 8, 2025

Morning Briefs

Oct 8, 2025

Economic Reports

Oct 7, 2025

Technical Stock Analysis

Oct 7, 2025

Morning Briefs

Oct 7, 2025

Economic Reports

Oct 6, 2025