[High-grade NPI cost] Raw material side, core costs such as nickel

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NewsFlash / Nickel / High-Grade NPI Costs Adjust Amid Grade Rise; Profit Margins to Improve

High-Grade NPI Costs Adjust Amid Grade Rise; Profit Margins to Improve

Sep 7, 2025 15:47

Source:SMM

[High-grade NPI cost] Raw material side, core costs such as nickel ore from the Philippines and Indonesia remained stable, with smelter cost lines holding firm. However, due to the MoM rise in NPI grade, high-grade NPI costs saw some adjustment. Next week, auxiliary material prices on the raw material side are expected to remain stable, while Indonesian nickel ore prices may drop slightly. With high-grade NPI prices anticipated to rise, smelter profit margins are expected to improve moderately.

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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