In December 2025, China's refined nickel imports reached 23,394 mt, up 85% MoM and up 24% YoY. Among them, other unwrought non-alloy nickel imports 16,177 mt, accounting for 69% of refined nickel imports.China's refined nickel exports 13,296 mt, up 22% MoM but down 25% YoY. Among them, other unwrought non-alloy nickel exports 11,928 mt, accounting for 90% of refined nickel exports.

[SMM Daily Review: Divergence in Market Quotes, High-Grade NPI May Face Resistance to Rise] January 20 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day.

On January 19, the SMM battery-grade nickel sulphate index price was 33,400 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,700-34,500 yuan/mt, and the average price remained unchanged from the previous day.

[SMM Daily Review: Large Price Gap Between Upstream and Downstream, High-Grade NPI Prices Remain Firm] Jan. 19 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,027.5 yuan/mtu (ex-factory, tax included), up 10 yuan/mtu MoM from the previous working day.

Nickel prices continued to be dominated by expectations of tightening nickel ore production quotas (RKAB) in Indonesia for 2026, closing strongly higher after sharp swings. At the start of the week, the market digested previous gains and corrected due to inventory pressure, but mid-week, Indonesian officials reiterated quota reduction targets, strongly stimulating bullish sentiment and driving a robust rebound in nickel prices, with the most-traded SHFE nickel contract hitting the daily limit at its peak during the week.

Amid tight supply-demand conditions and policy disruptions, MHP and high-grade nickel matte prices rose this week.

On January 16, the SMM battery-grade nickel sulphate index price was 33,393 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,700-34,500 yuan/mt, and the average price remained unchanged from the previous day.

As of now, the FOB price of Indonesian MHP nickel is $15,887/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,086/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 86-86.5, and the payable indicator for the cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) is 91.5. The FOB price of Indonesian high-grade nickel matte is 16,226 yuan/mt Ni.