On August 27, the price of SMM 8-12% high-grade NPI averaged 1,001 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day. Supply side, domestically, although NPI prices have dropped, the decline is limited. As the motivation for smelters to produce remains, August production may hold stable. In Indonesia, new capacities have been gradually put into operation, and production has started to ramp up. However, due to the high volatility of nickel ore prices and weak finished product prices, the production ramp-up is limited. Demand side, entering late August, the demand for long-term raw material restocking by steel mills may be released. The market has strong expectations for the traditional peak season, and inquiries are quite active. It is expected that NPI prices may run strong in the short term.
![[SMM revue de midi sur le nickel] Les prix du nickel ont fortement rebondi le 3 septembre. Les données ADP sur l'emploi américain d'août ont été étonnamment faibles, refroidissant légèrement les paris sur une hausse des taux en septembre.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

![[SMM Revue quotidienne du sulfate de nickel] Le marché au comptant est atone le 3 septembre, les prix du sulfate de nickel sont stables](https://imgqn.smm.cn/usercenter/Btmsv20251217171733.jpg)
