To further optimize our data service quality, improve the data sample structure, and enhance the scientific nature of update frequencies, after careful consideration, SMM has decided that, effective November 30, 2025, the following semi-monthly SMM Nickel Pig Iron (NPI) inventory data points will be discontinued:

[SMM Daily Review: Nearing Indonesian Production Cost Line, High-Grade NPI Still Has Some Downside Room] October 28 (SMM) - The average price of 10-12% high-grade NPI was 926.5 yuan/mtu (ex-factory, tax included), down 2 yuan/mtu MoM from the previous working day.

As of now, the FOB price of Indonesian MHP nickel is $13,394/mt Ni, and the FOB price of Indonesian MHP cobalt is $39,233/mt Co.

In 2026, the nickel intermediate product market will face a situation where demand growth lags behind supply growth. Additionally, the proportion of MHP directed toward refined nickel production is expected to increase. The approval progress of Indonesia's RKAB policy remains a key variable, with attention on intermediate product costs and the release of downstream capacity.

Nickel prices this week showed a pattern of "strength overseas and stability domestically," with LME nickel performing strongly while domestic SHFE nickel prices saw relatively mild gains. The LME nickel price settled at $15,320/mt on Friday, up 1.39% WoW, while the most-traded SHFE nickel contract (2512) closed at 122,150 yuan/mt on Friday, up 0.67% WoW. In the spot market, the average price of SMM #1 refined nickel this week was 122,350 yuan/mt, up 550 yuan/mt WoW. The average spot premium for Jinchuan nickel this week was 2,500 yuan/mt, increasing by 100 yuan/mt WoW, while the premium range for mainstream domestic electrodeposited nickel brands was -100–200 yuan/mt, showing a slight rise. Since entering October, spot transactions have improved, and spot premiums for nickel cathode have stabilized and risen accordingly.