[SMM Analysis] NPI metal content in Indonesia fell 1.7% MoM in July, expected to rise 0.66% MoM in August

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. Entering July, the losses at Indonesian smelters had not significantly improved, and previously halted production lines had not yet resumed. Some Indonesian smelters continued to operate at low capacity. Under downward pressure on profits and grades, both the physical content and metal content of NPI in Indonesia declined in July.

It is expected that in August 2025, the physical content of NPI in Indonesia will rise 0.60% MoM, and the metal content of NPI in Indonesia will rise 0.66% MoM. With the approaching peak consumption season and gradual improvement in losses, SMM expects that the operating rate of Indonesian smelters will recover to a certain extent.