Official Release of Indonesia’s 2026 RKAB Regulation Fuels Positive Market Sentiment and Price Gains, NPI Prices Start to Decline from Downstream Pressure

Nickel market experienced significant volatility this week. Prices initially strengthened due to disruptions in Indonesian mining policies, with the most-traded SHFE nickel contract rising to around 125,000 yuan/mt. However, upward momentum waned, bullish sentiment faded, and prices pulled back sharply. As of October 10, it closed at 122,180 yuan/mt, up 0.49% from pre-National Day levels. LME nickel prices broke through $15,600/mt during the holiday, driven by strength in the nonferrous sector, but fell in sync after the holiday, with the latest quote at $15,320/mt, down 0.68% WoW.

Nickel Intermediate Products Were Affected by Both Policies and Supply-Demand, and Prices Showed an Upward Trend This Week.

[SMM Daily Review: High-Grade NPI Prices Hold Flat Amid Negotiations, Slow Decline Supported by Costs] October 10 - The average price of SMM 10-12% high-grade NPI was 953.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

To facilitate use by nickel industry chain clients, meet the broad user demand for FeNi prices, and enhance market transparency, SMM has decided: Starting from October 13, 2025, to publish SMM FeNi price points by grade, with the following new price points added: - 15-20% FeNi ,DDP China,USD/nickel unit - 20-25% FeNi ,DDP China,USD/nickel unit - Ni≥30% FeNi ,DDP China,USD/nickel unit

[SMM Daily Review: Market Watch-and-See Sentiment Weighs, High-Grade NPI Prices More Likely to Fall Than Rise] October 9 - The average price of SMM 10-12% high-grade NPI was 953.5 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day.

The International Nickel Study Group (INSG) held a meeting in Lisbon, Portugal, on October 6, 2025. Government and industry representatives from member states, observer countries, and several international organizations attended, engaging in extensive discussions on the current development trends of the nickel market. Ms. Shirley Wang, Industry Research General Manager at Shanghai Metals Market (SMM), was invited to deliver a speech titled "The Evolving Nickel World: Trends, Risks, and the Road Ahead," focusing on the nickel supply-demand situation in China and Indonesia. The core content and viewpoints are as follows: