SMM Nickel Flash: High-Grade NPI Prices Drop, Market Sees Intensified Long-Short Tug-of-War

Published: Sep 18, 2026 17:21

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[SMM Nickel Flash] On September 18, the average price of SMM 10-12% high-grade NPI fell by 33.1 yuan/nickel unit WoW to 1,062.4 yuan/nickel unit (ex-factory, tax included), while the average price of the Indonesia NPI FOB index dropped by $4.06/nickel unit WoW to $137.08/nickel unit. This week, the high-grade NPI market continued to drift lower overall, with the tug-of-war between longs and shorts intensifying.

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