Nickel Ore Quota News Boosts Futures, High-Grade NPI Prices Rise Amid Weak Market Liquidity

Published: Feb 11, 2026 18:47

Save

[SMM Nickel Flash] February 11 — Supply side, amid the impact of nickel ore quota news, futures rose again, supporting firm market quotations. Demand side, against a backdrop of bullish sentiment, there was some restocking activity, but overall market liquidity remained weak. In summary, the pattern of poor market liquidity before the holiday remained unchanged; driven by futures and macro sentiment, high-grade NPI prices rose slightly.

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

Common.Time.minsAgo

【SMM Analysis】Indonesian Nickel Initial Outlook in 2026: Navigating the RKAB Quota Crunch

As 2025 draws to a close, Indonesia’s nickel ore market remains characterized by tight supply and structural shifts. Despite downward pressure from weak downstream prices, the market has found a floor through stringent RKAB (Work Plan and Budget) controls and escalating production costs. The government’s intensified inspections and the transition toward a more restrictive 2026 quota system have effectively constrained raw material availability, preventing a total price collapse.

Common.Time.minsAgo

1 hour ago

[SMM Analysis] Ternary Cathode Market Sees Light Activity This Week Ahead Of Spring Festival

On the production front, with the Spring Festival holiday approaching, ternary material enterprises have generally slowed their production pace. Some manufacturers have already taken early holidays or commenced routine maintenance.

1 hour ago

[SMM Analysis] Nickel Salt Prices Held Stable This Week as Trading Sentiment Weakened Approaching Chinese New Year

As of Thursday this week, the SMM battery-grade nickel sulphate index stood at 31,635 yuan/mt, with the quotation range for battery-grade nickel sulphate between 31,400-32,500 yuan/mt, and the average price WoW remained flat.

1 hour ago