High-Grade NPI Discount Widens Amid Rising Refined Nickel Prices, Conversion Incentives Grow

Published: Sep 7, 2025 15:46

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[High-Grade NPI Market Review] This week, the average discount of high-grade NPI to refined nickel widened to 278.1 yuan/mt. Next week, refined nickel prices are expected to continue rising amid expectations for US Fed interest rate cuts, while high-grade NPI prices maintain slow growth. The average discount of high-grade NPI to refined nickel may widen further, with increasing incentives for the conversion of NPI to high-grade nickel matte. Meanwhile, externally purchased high-grade nickel matte demonstrates greater profitability in nickel sulphate production. The proportion of NPI converted to high-grade nickel matte is projected to have room for growth.

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