India’s Nickel Cathode market strengthened steadily through April as widening consumption and tightening availability supported firmer sentiment. Early in the month, stable import inflows and balanced warehouse stocks kept trading calm, but momentum improved mid April when policy support and new project bookings lifted demand. PLI linked activity and pilot scale cathode production further tightened supply, pushing prices higher as exchange inventories thinned and upstream feedstock constraints became more visible. Heavy industry and steel producers remained the strongest demand drivers, while infrastructure and transport projects absorbed additional high nickel materials. In contrast, the battery two wheeler segment softened slightly due to a shift toward alternative chemistries. Supply side pressure also intensified as Indonesian regulatory delays restricted ore shipments, reinforcing a firmer tone across the Nickel Cathode value chain. By late April, weekly assessments showed a clear recovery trend, and the near term outlook for Nickel Cathode remained firm, supported by strong utilisation rates, policy cues and tightening ore availability.
