SMM High-Grade NPI Price Rises 21.1 Yuan/Nickel Unit WoW, Trading Volume Increases as Mills Resume Operations

Published: Mar 6, 2026 18:13

Save

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI rose WoW by 21.1 yuan/nickel unit to 1,092.6 yuan/nickel unit (ex-factory, tax included). The average price of the Indonesia NPI FOB Index rose WoW by $2.22/nickel unit to $138.54/nickel unit. As the festive atmosphere gradually faded, downstream steel mills resumed operations one after another, and high-grade NPI trading volume gradually increased.

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

4 hours ago

Gulf disruption squeezes Indonesia nickel makers' sulphur supply

Due to the conflict in the Middle East, shipping through the Strait of Hormuz has been disrupted, raising the risk of tighter global sulphur supplies. Indonesia relies on the Middle East for around 75% of its sulphur imports, and sulphur is a key raw material for producing sulphuric acid, which is essential for leaching metals in nickel and copper processing. Analysts note that sulphur inventories at Indonesia’s HPAL nickel plants typically cover only one to two months of consumption. If transport disruptions persist, some plants may be forced to cut production as early as next month. Overall, if shipping disruptions in the Middle East continue for more than a few weeks, production and demand for related metals may need to slow.

4 hours ago

8 hours ago

High-Grade NPI Prices Stay Elevated Post-Holiday, Narrowing Discount with Refined Nickel

[SMM Nickel Flash] After the holiday, refined nickel prices pulled back, while high-grade NPI prices remained elevated, and the average discount of high-grade NPI versus refined nickel narrowed to 336.7 yuan/nickel unit. High-grade NPI prices are expected to still have upside room next week, while refined nickel prices are expected to decline MoM. The average discount of high-grade NPI versus refined nickel is expected to continue narrowing; however, supported by new energy orders, the conversion of NPI to high-grade nickel matte still has momentum.

8 hours ago

[SMM Analysis] SS Weekly Review: Geopolitical Shocks and Cost Inflation Drive Prices as Market Faces Peak Season Test

8 hours ago