NPI Market Stabilizes as Ore Supply Issues Persist and Nickel Prices Recover

Published: Mar 23, 2026 15:19

Save

[SMM Nickel Flash] News on March 23: Supply side, supply issues on the ore side continued to support the production cost of high-grade NPI, while nickel prices recovered and the market's low-price sell-off ended. Demand side, steel mills still showed a stronger preference for purchasing steel scrap, and their current willingness to purchase high-grade NPI remained low. Overall, the transaction center of high-grade NPI stabilized, and the market expects a rebound in stainless steel prices to boost the ceiling for raw material prices.

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

28 mins ago

[SMM Analysis] Weak Downstream Price Acceptance Led to Slight Decline in Nickel Salt Price

28 mins ago

19 hours ago

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

19 hours 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.

19 hours ago