[High-Grade NPI Market Review] This week, the average discount of

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

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

Sep 7, 2025 15:46

Source:SMM

[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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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In recent years, due to multiple factors such as overcapacity in China's high-grade NPI industry and persistent cost inversion, the market landscape has undergone significant adjustments...

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[SMM Daily Review: High-Grade NPI Tender Prices Released, Supported by Procurement Information] September 9 - The average tender price for SMM 10-12% high-grade NPI stood at 950.5 yuan/mtu (ex-factory, tax included), up 5 yuan/mtu from the previous working day.

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Selected News

[SMM Nickel Midday Review] Nickel prices edged lower on September 9, as China's manufacturing sector maintained its position as the world's largest for the 15th consecutive year.

Sep 9, 2025 11:39

Selected News

[Nickel Sulphate Daily Review] Nickel Salt Prices Remained Stable on September 8

On September 8, the SMM battery-grade nickel sulphate index price stood at 27,726 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,770-27,970 yuan/mt, and the average price remained flat WoW.

Sep 8, 2025 11:43

Selected News

[SMM Nickel Midday Review] Nickel Prices Rise Slightly on September 8 as US Non-Farm Payrolls Data Disappoints, Strengthening Interest Rate Cut Expectations

Sep 8, 2025 11:31

Selected News

[SMM Analysis] With Peak Season Arriving and Profit Margins Marginally Improving, How Did NPI Prices Rise in Early September?

[SMM Analysis:With Peak Season Arriving and Profit Margins Marginally Improving, How Did NPI Prices Rise in Early September?]The SMM average price of 10-12% high-grade NPI rose WoW by 6.5 yuan/mtu to 943.6 yuan/mtu (ex-factory, tax included), while the Indonesian NPI FOB index price increased WoW by 0.88 $/mtu to 115.72 $/mtu. This week's analysis of the high-grade NPI market is as follows:

Sep 6, 2025 15:25

Analysis Exclusive Industry

[SMM Analysis] With Peak Season Arriving and Profit Margins Marginally Improving, How Did NPI Prices Rise in Early September?

【SMM Analysis】Tight Supply-Demand Pattern for Nickel Intermediate Products Drives Upward Price Trend

Tight Supply-Demand Pattern for Nickel Intermediate Products Drives Upward Price Trend

Sep 5, 2025 23:06

Analysis Industry

Would Refined Nickel Alter the Tight Supply-Demand Balance of Nickel Sulphate? — September Nickel Sulphate Market Outlook and Economic Analysis of Nickel Salt-to-Refined Nickel Conversion

Since mid-July, SMM battery-grade nickel sulphate prices have shown an upward trend, with the average price rising from 27,220 yuan/mt on July 15 to 27,800 yuan/mt on September 1. Prices are expected to fluctuate upward overall in Q3. Would Refined Nickel Alter the Tight Supply-Demand Balance of Nickel Sulphate?

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Analysis Industry

[SMM Analysis] Tight Supply-Demand Pattern for Nickel Intermediate Products, Prices Show Upward Trend

The supply-demand pattern for nickel intermediate products remained tight, with prices showing an upward trend.

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Selected News

[SMM Analysis] Nickel prices rose first and then fell this week, with a slight inventory buildup in the domestic market

Nickel prices rose first and then fell this week. As of September 5, the most-traded SHFE nickel 2510 contract closed at 121,310 yuan/mt, down 0.65% WoW. LME nickel prices also weakened, with the latest quote at $15,270/mt, down $130 (0.84%) WoW.

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Selected News Industry

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