[SMM Analysis: High-Grade NPI Price Decline Slows Down as Activity Rebounds Following Tender Price Guidance] The average price of SMM 10-12% high-grade NPI fell WoW by 11.5 yuan/mtu to 885.3 yuan/mtu (ex-factory, tax included), while the average Indonesia NPI FOB index price dropped WoW by $1.04/mtu to $109.84/mtu. During the traditional off-season, some procurement demand was released driven by mainstream steel mills, but end-use consumption showed little sign of recovery, and market confidence remained weak, dragging high-grade NPI prices to a five-year low.

In November 2025, China's NPI production in physical terms decreased 7.34% MoM, while metal content dropped 14.14% MoM.

[SMM Analysis: National NPI Metal Content in November Dropped 14.14% MoM, Expected to Fall 9.93% MoM in December] In November 2025, national NPI production in physical terms decreased 7.34% month-on-month, while metal content declined 14.14% MoM.

According to SMM data, SMM nickel sulphate production in November 2025 increased by approximately 1.21% MoM and was up about 19.09% YoY.

Nickel prices hit a new low for the current phase before rebounding on macro tailwinds. The most-traded SHFE nickel contract opened higher on Monday and stabilized, then continued to rally strongly for three consecutive days before fluctuating rangebound. It closed at 117,080 yuan/mt on Friday, up 1.99% WoW. LME nickel prices also rebounded significantly, with the latest LME nickel price at $14,850/mt on Friday, up 1.57% from the previous week. In the spot market, the average price of SMM #1 refined nickel was 118,930 yuan/mt this week, up 2,800 yuan/mt WoW. The average premium for Jinchuan nickel was 4,750 yuan/mt, up 100 yuan/mt WoW. Premiums and discounts for mainstream domestic electrodeposited nickel ranged from -100 to 300 yuan/mt, with premiums for electrodeposited nickel edging lower. Spot circulation was limited this week, and market transactions were moderate.

Indonesia Nickel Ore Price Remains Stable, NPI Price Decline Rate Slows Down

Nickel intermediate product prices rose this week.

[SMM Daily Review: High-Grade NPI Transactions Show No Sustained Decline, Market Decline May Slow Down] November 28 (SMM) - The average price of SMM 10-12% high-grade NPI was 882.5 yuan/mtu (ex-factory, tax included), down 1 yuan/mtu MoM from the previous working day.