News

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI fell WoW by 6.7 yuan/nickel unit to 1,083.5 yuan/nickel unit (ex-factory, tax included), while the average price of Indonesia's NPI FOB index fell WoW by $1.38/nickel unit to $136.9/nickel unit. The high-grade NPI market generally operated steadily overall. After the transaction center stabilized, the market remained in back-and-forth negotiations between upstream and downstream, and prices were under pressure in the short term.

Continued Weak Supply-Demand Pattern for Nickel Intermediate Products, Stable Coefficient, Absolute Prices Rose Driven by Higher Nickel Prices

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Mar , 2026

[SMM Daily Review: Ongoing Disruptions From Nickel Ore News, High-Grade NPI Prices Remained Relatively Stable] March 27 News: SMM's upstream sentiment factor for high-grade NPI was 2.84, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

Germany’s foreign minister said on Friday that the US and Iran had held indirect talks, and that representatives of both sides are expected to meet in Pakistan in the near future.

SMM forecasts a marginal softening in the Indonesian domestic nickel ore benchmark (HPM) for the first half of April 2026, with prices expected to decline by 1.37%. This downward adjustment is primarily driven by a $236.56/dmt drop in the HMA, which is projected to settle at $17,093/dmt. Based on an MC35% calculation, the revised HPM targets across key grades are as follows: • Ni 1.2%: USD 17.33/wmt (↓ $0.24) • Ni 1.6%: USD 30.22/wmt (↓ $0.42) • Ni 1.7%: USD 34.00/wmt (↓ $0.47) • Ni 1.8%: USD 38.00/wmt (↓ $0.53) • Ni 2.0%: USD 46.66/wmt (↓ $0.65)

According to Nickel Industries Announcement, Nickel Industries Limited has officially suspended all operations at its Hengjaya Mine in Indonesia following a fatal incident reported on March 25, with a formal investigation by the Ministry of Energy and Mineral Resources (ESDM) set to commence on March 27.

[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

According to Open Access Government, Canada Nickel Company is pioneering net-zero mining at its Crawford Project by integrating carbon mineralization directly into its workflow. The site, expected to produce over 48,000 tonnes of nickel and 500,000 tonnes of 304-grade stainless steel annually, utilizes ultramafic rocks to permanently sequester CO2. Through patent-pending In-Process Tailings (IPT) carbonation and a recent successful in-situ underground pilot funded by the US DOE, CO2 is converted into stable carbonate minerals. This dual approach not only offsets emissions but naturally fractures the rock, lowering energy and grinding costs. This positions Crawford as a scalable template for a net-zero industrial cluster, turning carbon management into a core value driver.

According to Bloomberg, the UK government defended its decision to hike out-of-quota steel import tariffs from 25% to 50% and slash import quotas by 60%, effective July 1. Trade Minister Chris Bryant argued the measures are crucial to shield the ailing domestic steel industry from "artificially low prices" driven by cheap imports, especially from China, and global tariff wars. Prime Minister Keir Starmer's administration insists these targeted protections are vital for maintaining a level playing field. Without such interventions, the UK risks losing thousands of jobs and becoming the only G7 nation without primary steel-making capabilities, following last year's state intervention to rescue British Steel.