High-Grade NPI Market: Profit Falls in Aug, But Conversion Incentive Persists

Published: Sep 7, 2025 15:49
[High-grade NPI Market] In August, the average profit from the conversion of NPI to high-grade nickel matte was 3,826 yuan/mt Ni, down 2,129 yuan/mt Ni MoM. However, the incentive for converting NPI to high-grade nickel matte remained, with the proportion of NPI converted to high-grade nickel matte increasing by 2.94 percentage points to 24.28% during the month.

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[High-grade NPI Market] In August, the average profit from the convers - Shanghai Metals Market (SMM)