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[SMM Analysis] Nickel's Counter-Seasonal Spike Opens Arbitrage Opportunities: Catalysts & Outlook for High-Grade NPI Price

Jan 07, 2026 17:09

[SMM In-Depth Analysis: Off-Season Futures Surge Creates Arbitrage Window: High-Grade NPI Price Drivers and Outlook] Recently, the market has been trading on expectations of a supply deficit in Indonesia, while non-ferrous metals have generally risen amid macro events, driving nickel prices and high-grade NPI prices steadily higher. Against a backdrop of sluggish end-use consumption, what is supporting the continuous rise in high-grade NPI prices? The detailed analysis is as follows:

Resonance of Seasonal Demand Recovery and Raw Material Disruptions: 2025 Review and 2026 Outlook for Battery-Grade Nickel Sulphate

Dec 25, 2025 17:30

Against the backdrop of overcapacity, nickel sulphate producers generally maintained a strategy of producing based on sales this year. However, affected by tight raw material supply, SMM's nickel sulphate production deviated from the demand for nickel sulphate from ternary cathode precursors, resulting in a tight supply-demand pattern throughout the year. Reflected in prices, SMM battery-grade nickel sulphate prices showed strong performance during the seasonal recovery in demand.

[SMM In-depth Analysis] Ten-Year Price Comparison Before and After Chinese New Year: Can High NPI Prices Persist After the Recent Sharp Rally?

[SMM Analysis] Indonesian 304 SS Breaks $2,000: Market Dynamics Amidst Rising Costs and Capacity Expansion

[SMM Analysis] Nickel's Counter-Seasonal Spike Opens Arbitrage Opportunities: Catalysts & Outlook for High-Grade NPI Price

[SMM Analysis] Active Trading Amid Restocking for Real Demand Drives High-Grade NPI Prices Higher

【SMM Analysis】2025 Indonesian Nickel Ore Market Review & 2026 Outlook: Shifting from Tight Control to Market Rebalancing

[SMM Analysis] 2025 Global Stainless Steel Market Review and 2026 Outlook: Global Realignment and Asian Engines

[SMM Analysis] 2025 Nickel Market Recap & 2026 Outlook: Oversupply to Weigh on Prices

Resonance of Seasonal Demand Recovery and Raw Material Disruptions: 2025 Review and 2026 Outlook for Battery-Grade Nickel Sulphate

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[SMM Analysis] Nickel's Counter-Seasonal Spike Opens Arbitrage Opportunities: Catalysts & Outlook for High-Grade NPI Price

Resonance of Seasonal Demand Recovery and Raw Material Disruptions: 2025 Review and 2026 Outlook for Battery-Grade Nickel Sulphate

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