SMM High-Grade NPI Prices Rise 26.1 Yuan/mtu WoW to 1,071.5 Yuan/mtu Post-Chinese New Year

Published: Feb 28, 2026 12:47

Save

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI increased by 26.1 yuan/mtu WoW to 1,071.5 yuan/mtu (ex-factory, tax included). After the Chinese New Year, the high-grade NPI market gradually recovered this week, and prices continued to rise, supported by fundamentals and cost factors.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Analysis] Cost and Fundamentals Resonate, High-Grade NPI Prices Rise Rapidly

[SMM Analysis: Cost and Fundamentals Resonate, High-Grade NPI Prices Rise Rapidly] The average price of SMM 10-12% high-grade NPI rose WoW by 26.1 yuan/mtu to 1,071.5 yuan/mtu (ex-factory, tax included), while the average Indonesia NPI FOB index price increased WoW by $3.31/mtu to $136.32/mtu. After the Chinese New Year, the high-grade NPI market gradually recovered this week. Supported by both fundamentals and costs, high-grade NPI prices continued to climb.

1 hour ago

Common.Time.hoursAgo

Rising Ore Prices in Philippines and Indonesia Increase High-Grade NPI Production Costs

[SMM Nickel Flash] Raw material side, affected by quota disruptions, both Philippine and Indonesian ore prices have risen, pushing up the cash production cost of high-grade NPI significantly and increasing cost pressure on smelters. Looking ahead, raw material side, ore prices are expected to have strong support, and auxiliary material prices may also rise MoM with the post-holiday resumption of work. Smelting production costs are expected to remain high.

Common.Time.hoursAgo

High-Grade NPI Prices Rise, Discount to Refined Nickel Widens Post-Holiday

[SMM Nickel Flash] After the holiday, refined nickel prices rose MoM, and high-grade NPI prices also increased MoM. The average discount of high-grade NPI to refined nickel widened to 357.88 yuan/mtu. High-grade NPI prices are expected to have further upside room next week, while refined nickel prices are also supported. The average discount of high-grade NPI to refined nickel is projected to continue widening.

Common.Time.hoursAgo