Costs of High-Grade NPI in China Drop as Philippine Ore Arrivals Increase, Profitability Gap Widens

Published: Jun 18, 2026 18:14

Save

[SMM Nickel Flash] This week, the cost trends of high-grade NPI in and outside China diverged once again, with the profitability gap continuing to widen. The cash cost of high-grade NPI in China extended its downward trend, primarily driven by increased arrivals of Philippine nickel ore and persistently weakening prices, directly reducing smelting’s core raw material costs, while overall production costs pulled back in tandem.

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 for 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

Jul 3, 2026 18:19

[SMM Analysis] Weak Nickel Caps Chinese Stainless Steel Futures in a Tight Range as Mill Price Discipline

SMM Weekly Stainless Steel Futures Review — week of June 29 – July 3, 2026. Weak nickel and a softening off-season demand backdrop offset firm mill pricing and low inventories, steadying the benchmark contract near RMB 14,655/mt

Jul 3, 2026 18:19

Jul 3, 2026 17:39

[SMM Analysis] Nickel and Cobalt Salt Prices Weak; Intermediate Product Payables Under Pressure

Jul 3, 2026 17:39

Jul 3, 2026 16:58

[SMM Analysis] Indonesia's nickel ore HMA sharply cut by 7.6%, high inventories in China and Indonesia suppress nickel ore market sentiment

Jul 3, 2026 16:58