[SMM Announcement]Announcement on the Suspension of SMM Imported Nickel-Iron FeNi Data Points and the Addition of New Data

Dear Valued Users,

Greetings!

Since the NPI (Ni8-12%), EX-works, Yuan/nickel unit price will be discontinued at the end of 2025, SMM has decided to adjust the data points related to imported ferronickel to align with the market data update rhythm and enhance the accuracy and reference value of our data services, following market research and feedback collection. The specific arrangements are as follows:

1. Discontinuation of Data Updates

The following data points will be officially discontinued after their final update on December 31, 2025:

Premium/discount of Ni 15% Ferronickel over Ni 8-12% High-grade NPI Average Ex-factory Price (CNY/mtu)

Premium/discount of Ni 20-25% Ferronickel over Ni 8-12% High-grade NPI Average Ex-factory Price (CNY/mtu)

Premium/discount of Ni 30-35% Ferronickel over Ni 8-12% High-grade NPI Average Ex-factory Price (CNY/mtu)

Ni 8-12% High-grade NPI Average Ex-factory Price (CNY/mtu)

Price Spread between High-grade NPI and Ferronickel

2. Data Adjustments and New Additions

Replacement & New Data:

Before discontinuing the above data, the following "Grade-specific premiums/discounts of FeNi vs. the CFR price of 10-12% HNPI" will be added on December 1, 2025, to cover the price correlation across corresponding grades:

Average Premiums and Discounts for 15-20% FeNi vs. 10–12% High-Grade NPI Delivered Duty-Paid

Average Premiums and Discounts for 20–25% FeNi vs. 10–12% High-Grade NPI Delivered Duty-Paid

Average Premiums and Discounts for Ni ≥ 30% FeNi vs. 10–12% High-Grade NPI Delivered Duty-Paid

Average Price of 10–12% High-Grade NPI Delivered Duty-Paid

New Price Spread Data:

On December 1, 2025, "Grade-specific price spreads between HNPI and imported ferronickel" will be added. These will supplement spread dimensions across different grades upon discontinuation of the original data, providing richer market price comparison references:

Price Spread Between High-Grade NPI and 15-20% FeNi Delivered Duty Paid

Price Spread Between High-Grade NPI and 20–25% FeNi Delivered Duty Paid

Price Spread Between High-Grade NPI and Ni≥30% FeNi Delivered Duty Paid

Historical data of the discontinued data points will be retained in the SMM database. For historical data inquiries or business consultations, please contact:

Thomas Feng, Senior Research Manager, Nickel Research Department, SMM: Tel: 021-51666714; Email: fengdisheng@smm.cn

Liya Zhang, NPI&FeNi Analyst, Nickel Research Department, SMM: Tel: 021-20707929; Email: zhangtongxu@smm.cn

Thank you for your understanding and support!

Shanghai Metals Market (SMM)

November 25, 2025