[SMM Daily Review: High-Grade NPI Market Activity Increases, Large Volumes of Transactions Await September Consumption Figures] On August 27, the SMM 10-12% high-grade NPI average price was 940.5 yuan/mtu (ex-factory, tax included), up 6 yuan/mtu from the previous working day.

On August 27, the SMM battery-grade nickel sulphate index price was 27,478 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,510-27,790 yuan/mt. The average price saw a slight increase from yesterday.

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.

[SMMDailyCommentary:SteelMillQuotationsBoostMarketActivity,High-GradeNPILikelytoSeeStrongPriceSupport]OnAugust26,SMM10-12%high-gradeNPIaveraged934.5yuan/mtu(ex-factory,taxincluded),anincreaseof5yuan/mtufromthepreviousworkingday.

So far, the FOB price of Indonesian MHP nickel is $12,682/mt Ni, and the FOB price of Indonesian MHP cobalt is $21,395/mt Co.

On August 26, the SMM battery-grade nickel sulphate index price was 27,468 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,490-27,790 yuan/mt. The average price remained unchanged from yesterday.

[SMMDailyCommentary:MainstreamSteelMillsHaveReleasedTheirNPI TenderPricesFurtherNegotiationsGuidedByQuotations]OnAugust25,SMMreportedthattheaveragepriceofhigh-gradeNPI(10-12%)was929.5yuan/mtu(ex-factory,taxincluded),anincreaseof0.5yuan/mtufromthepreviousworkingday.

So far, the FOB price of nickel MHP from Indonesia is $12,701/mt Ni, and the FOB price of cobalt MHP from Indonesia is $21,395/mt Co.