High-Grade NPI Suppliers Reluctant to Lower Prices Amid Market Weakness

DAILY PRICE UPDATE Daily Price Update — August 21, 2026 Indonesian nickel ore CIF average prices increased across all three grades, with the strongest gain recorded for 1.6% Ni ore. • 1.4% Ni: CIF average price stayed the same $53.3/wmt. • 1.5% Ni: CIF average price stayed the same $60.8/wmt, • 1.6% Ni: CIF average price stayed the same $65.8/wmt, • 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. =================================================================== Indonesia Latest Policy Update — August 19, 2026 Indonesia’s planned Mineral and Strategic Commodities Exchange remains the main recent policy development relevant to nickel. The government said 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 giving Indonesian prices a greater role in the international market. • Latest development: State Secretary Minister Prasetyo Hadi said on August 17 that preparations are underway for the exchange, tentatively referred to as Icomex. Morowali, Central Sulawesi: August is generally a relatively favorable period, and the current forecast indicates minimal rainfall, so mining, hauling and port operations should remain largely normal. • Indonesia: ESDM has begun approving revised 2026 RKAB applications, with some previously suspended nickel miners allowed to resume operations. The additional nickel ore quota remains undisclosed, leaving the supply impact unclear. The revision is expected to focus on addressing smelter ore shortages rather than broadly increasing mining quotas. • Halmahera: Higher seasonal rainfall risk than Morowali. Halmahera has a humid climate even in August, with rainfall occurring on many days. However, the current weekly forecast indicates limited rainfall, so no major disruption is expected this week. • Therefore, for Indonesia, Halmahera is the region to watch for rain, rather than Morowali.

[SMM 니켈 속보] 세관 자료에 따르면, 2026년 7월 중국의 고급 NPI 수입은 3개월 연속 감소하며 하락세를 이어가 연중 최저치를 기록했습니다.

[SMM 니켈 속보] SMM 10-12% 고급 NPI 평균 가격은 주간 대비 5.6위안/니켈 단위 하락한 1,127.4위안/니켈 단위(공장도, 세금 포함)를 기록했으며, 인도네시아 NPI FOB 지수 평균 가격은 주간 대비 0.61달러/니켈 단위 하락한 145.91달러/니켈 단위를 기록했습니다. 이번 주 고급 NPI 현물 시장 거래는 여전히 부진했으며, 시장 활성도가 부족해 압박 속에서도 시장은 관망세를 유지했습니다.