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Home / Metal News / [NPI Daily Review] Nickel Ore Prices Continue to Rise, High-Grade NPI Prices Follow Upward Trend

[NPI Daily Review] Nickel Ore Prices Continue to Rise, High-Grade NPI Prices Follow Upward Trend

iconJan 23, 2026 11:39
[SMM Daily Review: Nickel Ore Prices Continue to Rise, High-Grade NPI Prices Follow Upward] Jan. 23 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,042.5 yuan/mtu (ex-factory, tax included), up 9 yuan/mtu MoM from the previous working day.

SMM January 23 –

     On January 23, the SMM average price of 10-12% high-grade NPI was 1,042.5 yuan/mtu (ex-factory, tax included), up 9 yuan/mtu from the previous working day. The market sentiment factor for high-grade NPI was 2.18, down 0.04 MoM, the upstream sentiment factor for high-grade NPI was 2.84, up 0.06 MoM, and the downstream sentiment factor for high-grade NPI was 1.53, down 0.12 MoM. Supply side, nickel ore prices rose, raw material supply is expected to be tight in the future, coupled with rising futures, upstream quotations for high-grade NPI remained firm. Demand side, steel mills' purchase willingness remained sluggish due to weak end-use consumption, but transaction prices for rigid demand continued to rise. Overall, high-grade NPI prices continued to rise, supported by cost and driven by futures.

 

 

 

 

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

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