Announcement on Discontinuation of SMM Liaoning NPI Cash Cost Data Updates

Dear User,
Greetings!
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, resulting in the complete absence of high-grade NPI capacity in Liaoning. To further enhance data service quality and improve the accuracy and reference value of SMM data, after thorough market surveys and consultations, SMM has decided to discontinue updates on Liaoning NPI cash cost-related data points in line with current market conditions.
The specific adjustments are as follows:
1. Discontinuation: "Cash Cost of NPI by Regions and Process: Liaoning RKEF: Cost Per Mtu" effective September 15, 2025 (business day).
2. Discontinuation: "Cash Cost of NPI by Regions and Process: Liaoning RKEF: Equivalent to the Cost of Pure Nickel in USD" effective September 15, 2025 (business day).
3. Discontinuation: "Cash Cost of NPI by Regions and Process: Liaoning RKEF: Cost Per Mtu" effective September 15, 2025 (business day).
4. Discontinuation: "Cash Cost of NPI by Regions and Process: Liaoning RKEF: Converted to the Cost of Pure Nickel in USD" effective September 15, 2025 (business day).
5. Discontinuation: "Cash Cost of NPI by Regions and Process: Liaoning RKEF: Profit Margin" effective September 15, 2025 (business day).
Historical data for the discontinued data points will remain accessible in the SMM database. For inquiries regarding historical data or related business consultations, please feel free to contact Feng Disheng, Senior Research Manager of SMM Nickel Research Department (Tel: 021-51666714, Email: fengdisheng@smm.cn), or Zhang Tongxu, NPI&FeNi Analyst of SMM Nickel Research Department (Tel: 021-20707929, Email: zhangtongxu@smm.cn).
Thank you for your understanding and support!
SMM
September 9, 2025