SMM Review: High-Grade NPI Price Dips, Rebound Expected Next Week

Published: Dec 6, 2025 17:32

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[SMM High-Grade NPI Weekly Review] This week, the average price of refined nickel rose, while the price of high-grade NPI edged down, widening the average discount of high-grade NPI to refined nickel to 299 yuan/mt. Next week, the price of high-grade NPI is expected to stabilize and rebound, and the average discount of high-grade NPI to refined nickel may hold steady. However, driven by the profit advantage of high-grade nickel matte, the conversion volume of NPI to high-grade nickel matte is projected to maintain an upward trend.

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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