SMM #1 Refined Nickel Prices Surge by 2,700 Yuan/MT, Spot Premiums for Jinchuan Down 600 Yuan/MT

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 10 Mar , 2026

SMM predicts the Indonesian domestic nickel ore benchmark price (HPM) will increase by 1.32% for the second half of March 2026. This gain follows an expected rise in the HMA to USD 17,329/dmt (down USD 225.56/dmt). Under the MC35% calculation, the forecasted HPM levels across key grades are: • Ni 1.2%: USD 17.57/wmt (↑ $0.23) • Ni 1.6%: USD 30.64/wmt (↑ $0.4) • Ni 1.7%: USD 34.47/wmt (↑ $0.45) • Ni 1.8%: USD 38.52/wmt (↑ $0.5) • Ni 2.0%: USD 47.31/wmt (↑ $0.62) The market is closely monitoring the pending RKAB approvals, though clarity for next month’s RKAB approval is still lacking. Given the upcoming Eid Al-Fitr break, a slowdown in the administrative process is highly likely. If these delays persist through the end of the month, there is a possibility for an upward in the ore price.

[SMM Daily Review: The High-Grade NPI Market Was Briefly Under Pressure, While the Cost-Support Logic Remained Unchanged] News on March 10: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.