On January 28, 2026, Jinchuan Group quoted the ex-factory price of electrolytic nickel (large plate) at 149,400 yuan/ton, a decrease of 1,900 yuan/ton compared to the previous trading day. PriceSeek analysis of nickel, long-short score: -2. Jinchuan Group lowered the ex-factory price of electrolytic nickel by 1,900 yuan/ton, a decline of approximately 1.26%, directly reflecting the producer's active price reduction behavior. This indicates an oversupply in the market or weak demand, posing a significant bearish impact on the spot price of nickel. It is expected that nickel prices may face further downward pressure in the short term, as the price reduction signal reinforces market bearish expectations and may trigger downstream procurement wait-and-see sentiment.