SMM Review: High-Grade NPI, Refined Nickel Prices Fall; Pressure, Doldrums Ahead

Published: Nov 14, 2025 18:13

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[SMM High-Grade NPI Weekly Review] This week, both the average price of refined nickel and high-grade NPI prices declined. The average discount of high-grade NPI to refined nickel narrowed slightly to 282.4 yuan/mt. High-grade NPI prices are expected to remain under pressure next week, while refined nickel prices are also expected to remain in the doldrums. The average discount of high-grade NPI to refined nickel is projected to expand MoM.

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