SMM: High-Grade NPI Sentiment Dips, Spot Market Activity Weak in August

【SMM Nickel Flash】Aug 18 — Flat‑price offers for NPI are scarce. Most transactions are negotiated based on the spot average price, and the price gap between high‑nickel‑grade and low‑nickel‑grade material has narrowed. For holders, willingness to sell at low prices is limited. There are obvious price disagreements between upstream and downstream participants. Actual deals are mostly small‑sized sporadic trades, and large‑volume transactions remain hard to materialize.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 18 Aug , 2026

Daily Price Update — August 18, 2026 Indonesian nickel ore CIF average prices strengthened across all three grades: 1.4% Ni: CIF average price rose from $52.6/wmt to $53.3/wmt, up $0.7/wmt. 1.5% Ni: CIF average price rose from $60.0/wmt to $60.8/wmt, up $0.8/wmt. 1.6% Ni: CIF average price rose from $64.9/wmt to $65.8/wmt, up $0.9/wmt, the largest increase among the three grades. Premium: Market players verified that the premium remained stable compared with the first half of August, with no significant change in the prevailing premium level. Overall: CIF average prices increased by $0.7–0.9/wmt, indicating a moderate firming in Indonesian nickel ore prices, while premium levels remained steady. Indonesia Policy Update Indonesia’s planned Mineral and Strategic Commodities Exchange remains the key recent policy development relevant to the nickel market. The exchange is expected to cover nickel, coal and palm oil, with operations targeted for January 1, 2027, aiming to establish domestic reference prices for strategic commodities. Nickel impact: The exchange could strengthen Indonesia’s influence over nickel price formation and domestic benchmarks, potentially increasing the role of Indonesian reference prices in international nickel trade. Latest development: State Secretary Minister Prasetyo Hadi said on August 17 that preparations for the exchange are underway. The platform is tentatively referred to as Icomex.