12 May 2025 – Nickel prices on the Asian SHFE rose significantly today, Monday. LME nickel also rose again at the start of trading. US and China approach each other in the tariff dispute, suspension and drastic reduction of mutual tariffs planned.
Asian nickel prices rise significantly on Monday
Nickel prices on the Asian SHFE rose significantly on Monday with a gain of around 2%. Spot market prices also rose by up to 2.1%. The prices of 300 series stainless steel in China improved by up to 1%, stainless steel scrap even by more than 1.2%. Last week, FOB prices for Indonesian nickel ore (nickel content 1.4 – 1.6%) also rose by more than 2.9%.
European nickel prices had already risen significantly last Friday and continued their upward trend at the start of trading today, Monday. Since 8 May, LME nickel prices have thus improved by more than 2.2%.
Stainless steel inventories well below average
Last week, a southern European stainless steel producer also stated in its Q1 2025 report that distributors’ inventories in some regions are currently well below the average of recent years.
US and China approach each other in tariff dispute
Negotiations between the United States and the People’s Republic of China on the ongoing tariff dispute were held in Geneva over the weekend. The press releases already indicated that both sides were able to reach a preliminary agreement, at least on certain points.
Tariffs to be suspended for 90 days
On Monday morning, US Treasury Secretary Scott Bessent announced that an agreement had been reached with China on a 90-day pause and a significant reduction in tariffs. According to Bessent, both sides would also reduce each other’s tariffs by 115%.
US stock index futures jumped sharply after the US-China joint statement. S&P 500 futures rose 2.8%, Nasdaq 100 futures rose 3.6% and Dow futures gained 2.3%.
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