As the annual long-term contract signing period approaches, we would like to remind you again that the prices for NPI (8-12%) Price, USD/mtu and NPI(10-14%) Indonesia Price, USD/mtu will be suspended on December 31, 2025 (working day). Customers using the above prices for settlement should pay attention to the time period and adjust their price usage promptly to avoid any impact on your business due to the suspension of price updates.

On November 3, the SMM battery-grade nickel sulphate index price was 28,395 yuan/mt, with the quotation range for battery-grade nickel sulphate at 28,450-28,650 yuan/mt, and the average price remained unchanged from the previous day.

[SMM Daily Review: Market Sentiment Bearish with Strong Wait-and-See Attitude, High-Grade NPI Prices Continue to Decline] November 3 - The average price of SMM 10-12% high-grade NPI was 922.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu MoM from the previous working day.

Indonesian Nickel Ore Prices Stable

This week, the market was influenced by a mix of bullish and bearish factors, with recovering macro sentiment and persistent inventory accumulation jointly driving nickel prices to fluctuate downward. The most-traded SHFE nickel contract opened the week at 122,150 yuan/mt, then came under pressure and pulled back, closing at 120,590 yuan/mt on Friday, down 1.14% WoW. LME nickel started the week at $15,370/mt, edged up initially due to improved overseas macro sentiment, but later retreated under fundamental pressure, with the latest quote at $15,200/mt, down 0.85% WoW. In the spot market, the average price of SMM #1 refined nickel this week was 122,250 yuan/mt, down 950 yuan/mt WoW. The average premium for Jinchuan nickel this week was 2,400 yuan/mt, down 100 yuan/mt WoW. The premiums and discounts for mainstream domestic electrodeposited nickel brands ranged from -200 to 100 yuan/mt, weakening WoW. As futures prices remained low this week, downstream point-price purchasing sentiment was relatively high.

[SMM Daily Review: High-Grade NPI Prices Expected to Continue Falling as Traditional Off-Season Approaches and Wait-and-See Sentiment Intensifies] October 31 – The average price of SMM 10-12% high-grade NPI was 924 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day.