On September 2, the SMM battery-grade nickel sulphate index price stood at 27,660 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,730-27,930 yuan/mt, and the average price showed an increase compared to the previous day.

[SMM Daily Review: High-Grade NPI Prices Continue to Rise on Cost Support and Peak Season Expectations] September 1 - The average price of SMM 10-12% high-grade NPI was 941.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

On September 1, the SMM battery-grade nickel sulphate index price stood at 27,627 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,700-27,900 yuan/mt, and the average price rose WoW.

[SMM Analysis: Dual Support from Supply and Demand Keeps Cost Line Firm, High-Grade NPI Prices Rise Significantly] The average price of SMM 10-12% high-grade NPI increased WoW by 9.6 yuan/mtu to 937.1 yuan/mtu (ex-factory, tax included), while the Indonesian NPI FOB index price rose WoW by 1.64 $/mtu to 114.84 $/mtu.

Nickel Prices and Supply-Demand Dynamics Drove Intermediate Product Prices Higher This Week

According to SMM data, nickel sulphate production in August 2025 is estimated to reach approximately 30,400 mt in metal content, corresponding to about 138,500 mt in physical content, up 4.80% MoM but down 4.19% YoY.

RKAB Approval Approaching to an End, NPI Prices Keep Rising