SMM Review: High-Grade NPI, Refined Nickel Prices Fall; Pressure, Doldrums Ahead

Published: Nov 14, 2025 18:13

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[SMM High-Grade NPI Weekly Review] This week, both the average price of refined nickel and high-grade NPI prices declined. The average discount of high-grade NPI to refined nickel narrowed slightly to 282.4 yuan/mt. High-grade NPI prices are expected to remain under pressure next week, while refined nickel prices are also expected to remain in the doldrums. The average discount of high-grade NPI to refined nickel is projected to expand MoM.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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