In light of the changes in the structure of market participants along the nickel sulphate industry chain this year, with new capacities from some enterprises being gradually released and a dynamic adjustment in the ratio of spot orders to long-term contracts, we will optimize and adjust the weight calculation rules for the current price index to ensure that it more accurately and promptly reflects the real transaction levels of the industry. This adjustment will be based on the latest capacity distribution, changes in contract structures, and the accuracy of quotations, recalibrating sample weights to enhance the representativeness and flexibility of the index. The new weight scheme will take effect on August 26, 2025.

Indonesian Nickel Ore Market Relatively Flat as Demand Remains Subdued, NPI Keeps Rising

This week, nickel prices fell amid macro pressures from a stronger US dollar and a weak fundamental backdrop, with market sentiment being cautious. The most-traded SHFE nickel 2510 contract declined this week, closing at 119,610 yuan/mt on Friday, down 0.48% for the day and 0.99% over the past five trading days. LME nickel prices also weakened, with the latest quote at $14,940/mt, down 1.74% WoW. In the spot market, the average price of SMM #1 refined nickel was 121,170 yuan/mt this week, down 950 yuan/mt WoW. The premium for Jinchuan nickel fluctuated significantly, with the average premium increasing by 400 yuan/mt WoW. Traders showed strong reluctance to budge on prices, and the premium range for mainstream electrodeposited nickel remained at -100-300 yuan/mt this week. Meanwhile, due to the decline in futures prices, downstream procurement volume increased this week.

According to the latest data from China Customs, China's total nickel matte imports in July 2025 were 36,033 mt in physical content, up 60% MoM and down 34% YoY.

According to the latest data from China Customs, China's total imports of hydrometallurgy intermediate products in July 2025 were 154,833 mt in physical content, up 20.8% MoM and up 12.3% YoY.

1H 2025 marks the second year of RKAB three-year validity period. In this analysis, quarterly review will be discussed as below:

In July 2025, China's refined nickel imports reached 38,164 mt, up 124% MoM and up 703% YoY. China's refined nickel exports amounted to 15,546 mt, up 53% MoM and up 2% YoY.

the FOB price of Indonesian MHP nickel is $12,783/mt Ni, and the FOB price of Indonesian MHP cobalt is $21,432/mt Co.

Nickel intermediate product supply and demand remain tight, with prices continuing to strengthen