One Stainless Steel Mill in East China Lifts High-grade NPI Purchase Price, SMM Reports

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 17 Sep , 2026

On September 17, the average price of SMM #1 refined nickel was 125,400 yuan/mt, up 2,200 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 4,250 yuan/mt, up 400 yuan/mt from the previous trading day, while mainstream domestic brands of electrodeposited nickel ranged from 0 to 500 yuan/mt.

Indonesian nickel ore CIF average prices edged down across the main grades: · 1.2% Ni: CIF average price at $27/wmt, unchanged · 1.4% Ni: CIF average price at $51.8/wmt, down $0.6/wmt · 1.5% Ni: CIF average price at $58.5/wmt, down $0.3/wmt · 1.6% Ni: CIF average price at $63.4/wmt, down $0.5/wmt The Indonesian nickel ore market remains in a wait-and-see period, with the market monitoring further RKAB approvals and potential quota adjustments. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has revised the nickel ore HPM formula under Kepmen ESDM No. 363.K/MB.01/MEM.B/2026, effective September 15. The revision mainly lowers the corrective factor for low-grade nickel ore, significantly reducing the HPM benchmark for low-grade limonite and bringing it closer to prevailing market prices. The revised formula puts the HPM for 1.2% Ni ore at around $24.89/wmt, down about 45% from the previous level. The government said the revision aims to make nickel ore feedstock more economical for smelters, while its impact will continue to be evaluated.