On September 25, the SMM #1 refined nickel price was 122,700–125,400

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NewsFlash / Nickel

【SMM Nickel News】

Sep 25, 2025 21:41

Source:SMM

On September 25, the SMM #1 refined nickel price was 122,700–125,400 yuan/mt, with an average price of 124,050 yuan/mt, up 1,600 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 2,200–2,400 yuan/mt, with an average premium of 2,300 yuan/mt, down 50 yuan/mt from the previous trading day. The spot premiums and discounts quotation range for mainstream domestic brands of electrodeposited nickel was -100–200 yuan/mt.

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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The SMM average price of 10–12% high-grade NPI increased by 0.5 yuan/mtu WoW to 954.7 yuan/mtu (ex-factory, tax included), while the average Indonesia NPI FOB index price remained flat WoW at $117.44/mtu. This week, high-grade NPI prices began to decline after a period of stalemate.

Sep 26, 2025 18:42

Analysis Exclusive Industry

SMM Analysis [Underperforming Peak Season, Sluggish Market Sentiment, High-Grade NPI Prices Turn Downward]

[SMM Analysis] Nickel prices retreated after a rapid rise this week due to supply-side disruptions.

Nickel prices retreated after a rapid rise this week. The most-traded SHFE nickel contract (2511) opened at 122,790 yuan/mt at the beginning of the week, then pulled back, closing at 121,380 yuan/mt on the 26th, down 0.12% WoW. LME nickel prices also dropped slightly this week, with the latest quote at $15,210/mt, down 0.43%. In the spot market, the average price of SMM #1 refined nickel was 122,720 yuan/mt this week, down 300 yuan/mt WoW. The average premium for Jinchuan nickel was 2,350 yuan/mt this week, flat WoW, while the premium for mainstream electrodeposited nickel remained in the range of -100-200 yuan/mt, relatively stable. Trading-wise, spot transactions of refined nickel improved this week, mainly due to pre-holiday stockpiling demand from downstream users, leading to an increase in trading volume.

Sep 26, 2025 16:34

Selected News Industry

[SMM Analysis] Nickel Intermediate Products Affected by Both Policies and Supply-Demand, Prices Showed an Upward Trend This Week

Nickel Intermediate Products Were Affected by Both Policies and Supply-Demand, and Their Prices Rose This Week.

Sep 26, 2025 16:32

Selected News

[SMM Analysis] Nickel prices retreated after a rapid rise this week due to supply-side disruptions.

Sep 26, 2025 16:31

Selected News

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Sep 26

"36 Nickel IUP Received Temporary Suspension, New Price Trend Ahead?" “Seasonal Support Weakens, Low-Price Deals Emerge, High-Nickel Pig Iron Prices Turn Downward”

Sep 26, 2025 16:31

Analysis Industry

[NPI Daily Review] Pre-Holiday Consumption Support Hard to Find, High-Grade NPI Sees Some Low-Price Transactions

[SMM Daily Review: Pre-Holiday Consumption Support Hard to Find, Some Low-Price Transactions Seen in High-Grade NPI] September 26 - The average price of SMM 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

Sep 26, 2025 14:32

Selected News

[SMM Nickel Midday Review] Nickel prices pulled back on September 26, as the US Q2 GDP was revised significantly higher to a growth of 3.8%.

Sep 26, 2025 10:39

Selected News

[SMM Nickel Midday Review] Nickel Prices Rebound Sharply on September 25 as US Officially Reduces Auto Tariffs on EU to 15%

Sep 25, 2025 21:41

Selected News

[Daily Nickel Pig Iron Review] Market Sentiment Remains Depressed, High-Grade NPI Prices Face Significant Upward Pressure

[SMM Daily Review: Market Sentiment Remains Weak, High-Grade NPI Prices Face Significant Upside Pressure] September 25 - The average price of SMM 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day.

Sep 25, 2025 19:56

Selected News

[SMM Nickel Sulphate Daily Review] September 25 Nickel Salt Prices Increased

On September 25, the SMM battery-grade nickel sulphate index price was 28,047 yuan/mt, with a quotation range of 28,100-28,300 yuan/mt for battery-grade nickel sulphate, and the average price increased compared to the previous day.

Sep 25, 2025 11:40

Selected News

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