[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.

On October 21, the APAC (10th) Ni-Cr-Mn Stainless Steel & New Energy Conference 2025, hosted by SMM Information & Technology Co., Ltd. (SMM), successfully concluded in Xiamen, Fujian!