High-Grade NPI Smelters Face Profit Pressure Amid Flat Raw Material Prices and Limited Nickel Ore Decline

Published: Apr 3, 2026 19:34

Save

[SMM Nickel Flash News] Based on the cash cost of high-grade NPI calculated using nickel ore prices from 25 days earlier, profits at high-grade NPI smelters came under pressure during the week, with the sector as a whole remaining in a state of losses or marginal profitability. It is expected that next week, prices of auxiliary materials on the raw material side may remain flat, while the decline in nickel ore prices will likely be limited. High-grade NPI prices will still be under pressure amid back-and-forth negotiations between upstream and downstream, and smelter profits will be unlikely to see any significant improvement.

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

Data: SHFE, DCE market movement (Apr 08)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Apr , 2026

Common.Time.minsAgo

1 hour ago

【SMM Flash News】 Indonesia’s ESDM to Revise Nickel HPM Formula in April to Reflect Market Premiums

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) is finalizing a review of the Nickel Mineral Benchmark Price (HPM) formula, aiming for implementation within April 2026. Director General of Minerals and Coal, Tri Winarno, stated that the current HPM no longer reflects actual transaction values, as it fails to account for the "market premiums" currently paid by smelters. The upcoming revision intends to incorporate these premiums as variables in royalty calculations, ensuring that state revenue accurately captures the full value of nickel sales and shifting the HPM from a mere "floor price" to a more representative market benchmark.

1 hour ago

[SMM Nickel Midday Review] Nickel Prices Fluctuated Upward on April 8 as U.S. and Iran Reached Ceasefire Agreement

1 hour ago