In July 2025, the physical content of NPI in Indonesia fell 0.07% MoM, and the metal content of NPI in Indonesia fell approximately 1.7% MoM.

In July 2025, the physical content of NPI production nationwide increased by 2.11% MoM, while the metal content decreased by 8.10% MoM. The physical content of NPI nationwide increased MoM in July, but the metal content decreased. In July, nickel ore prices in the Philippines fell to a certain extent.

Will the RKAB Policy Reset Implemented in 2026? Supply-Demand Mismatch Persists on NPI

Philippine nickel ore prices continue to decline, while downstream smelters see some profit recovery Will RKAB approvals return to an annual basis? Rainy season eases in some parts of Indonesia

Nickel prices rebounded this week. The most-traded SHFE nickel contract (NI2509) opened at 119,510 yuan/mt at the beginning of the week and closed at 121,180 yuan/mt on Friday, with a weekly gain of +1%. The latest quote for LME nickel was $15,150/mt, with a weekly gain of 0.87%. In the spot market, the average price of SMM #1 refined nickel this week was 121,870 yuan/mt, up 1,300 yuan/mt week-on-week. The premium for Jinchuan nickel remained stable at 2,100-2,400 yuan/mt, while the premium range for mainstream electrodeposited nickel in China remained stable at -100-300 yuan/mt this week. Spot trading volume remained low, with weak downstream demand and low purchase willingness.

The market activity of hydrometallurgy intermediate products has recovered, and prices have continued to strengthen.

As of now, the FOB price of Indonesian MHP nickel is $12,516/mt Ni (metal content), and the FOB price of Indonesian MHP cobalt is $21,277/mt (metal content) of refined cobalt.