On July 21, the SMM battery-grade nickel sulphate index price was 26,967 yuan/mt, with a quotation range for battery-grade nickel sulphate of 26,980-27,480 yuan/mt, and the average price remained unchanged from last Friday.

In June 2025, China's refined nickel imports stood at 17,010 mt, down 3% MoM and up 120% YoY. China's refined nickel exports reached 10,143 mt, down 27% MoM and 6% YoY.

According to the latest data from the China Customs website, in June 2025, China's total nickel sulphate imports amounted to 2,919 mt (metal content), down 27% MoM and 10% YoY. China's nickel sulphate exports reached 172 mt (metal content), up 4% MoM but down 41% YoY. In June 2025, China's net nickel sulphate imports stood at 2,747 mt (metal content), down 29% MoM and 7% YoY.

This week, the high-grade NPI market continued to be in the doldrums, with prices slightly declining. Specifically, the weekly average price of SMM 8-12% high-grade NPI was 901 yuan/mtu (ex-factory, tax included), down 4.3 yuan/mtu WoW. The FOB index price of Indonesian NPI was reported at USD 109.8/mtu, down USD 0.6/mtu WoW. This price trend is the result of multiple factors acting on both the supply and demand sides, with the market presenting a complex pattern dominated by buyers but with expectations of weakening supply.​

Huge Amount of RKAB Quota Might Increase the Supply? Nickel Ore Prices Likely to Fall. Profit Margins of Smelters Remain Negative

Currently, macro factors still dominate the direction of nickel prices. Due to uncertainties in external tariffs and geopolitics, there is a risk of a downward shift in the price center. The core reference range is 118,000-123,000 yuan/mt.

Demand remains weak, and nickel ore prices in the Philippines are expected to continue to fall. Indonesia's RKAB quota for 2025 is as high as 364 million, and nickel ore prices are expected to be more likely to fall than rise.