HONGLUN VISION | September 2026 Nickel Market Review
📊 Nickel Prices & DXY: September Average Trend Analysis
September 2026 saw divergent performance between international and domestic nickel markets, as monetary policy, supply-side developments, and downstream demand shaped price movements.
🔹 LME Nickel: The monthly average declined by 1.23%, reflecting continued pressure from rising inventories, evolving Indonesian supply conditions, and a weaker cost-support environment.
🔹 SHFE Nickel: The monthly average fell by 4.39%, underperforming LME nickel amid softer-than-expected domestic demand and pressure across China’s stainless steel supply chain.
🔹 US Dollar Index (DXY): The monthly average increased by 0.67%. The Federal Reserve’s rate decision and hawkish guidance supported the dollar, adding another layer of complexity to the outlook for dollar-denominated commodities.
What does this mean for the stainless steel industry?
Nickel price movements are increasingly shaped by the interaction of global supply, domestic demand, currency fluctuations, and policy expectations. For stainless steel producers, traders, and procurement teams, monitoring these interconnected factors is essential for managing raw-material costs and purchasing strategies.
At HONGLUN GROUP, we continue to follow developments across the nickel and stainless steel markets to support informed industry discussions and supply-chain decisions.
📌 What is likely to have the greatest influence on nickel prices in the coming months — supply growth, Chinese demand, or the US dollar? We welcome your insights.