India’s Nickel cathode market weakened steadily through June as fading geopolitical risk premiums and softer domestic demand shaped a clear bearish tone. Mid-month easing of global tensions removed part of the LME risk premium, prompting downstream buyers to scale back procurement. Stainless-steel demand remained notably weak, while only modest support came from strategic sourcing linked to EV battery materials. Supply signals were mixed: Indonesia’s output adjustments and India’s policy initiatives pointed toward longer-term tightening, yet rising refined inventories continued to cap any upward momentum. Weekly assessments showed repeated declines, reinforcing a multi-week downtrend driven more by short-term sentiment than structural fundamentals. Overall, Nickel cathode traded under persistent pressure, with inventory overhangs, cautious buying and volatile sentiment defining the broader Nickel cathode landscape.
