SMM Nickel Flash: NPI Prices Drop, Market Sees Thin Trading and Supply-Demand Tug-of-War

Published: Jul 17, 2026 18:01

Save

[SMM Nickel Flash] The SMM high-grade NPI (10-12%) average price fell 3.1 yuan/nickel unit WoW to 1,129.4 yuan/nickel unit (ex-factory, tax included), while the Indonesian NPI FOB index average price slipped 0.47 $/nickel unit WoW to 145.76 $/nickel unit. This week, the high-grade NPI spot market was in a deep supply-demand tug-of-war throughout, with the divergence between bullish and bearish expectations continuing to widen. Overall trading was thin, and volume-based fixed-price purchases by steel mills were absent.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

[SMM Nickel Flash] Pure Battery Technologies Advances US$350 Million Batang pCAM Project

Australia-based Pure Battery Technologies (PBT) is advancing plans to invest around US$350 million in a precursor cathode active material (pCAM) facility at the Industropolis Batang Special Economic Zone in Central Java, with the project currently in the engineering stage and construction targeted to begin in 2027. The facility is planned to process mixed hydroxide precipitate (MHP) supplied by Indonesia’s domestic HPAL industry into higher-value pCAM, helping fill a key gap between Indonesia’s rapidly expanding nickel processing capacity and downstream battery-cell manufacturing. The project is expected to employ around 1,000 workers during construction and approximately 200 during operations.

12 hours ago

Sep 4, 2026 17:44

High-Grade NPI Prices Drop Further as Stainless Steel Weakness Persists

[SMM Nickel Flash] On September 4, spot high-grade NPI weakened further, with a clear signal of downward price exploration. The continued weakness in stainless steel dragged down NPI pricing, and some traders chose to front-run shipments, intensifying the divergence in market sentiment.

Sep 4, 2026 17:44

Sep 4, 2026 17:43

SMM Nickel Flash: High-Grade NPI Sentiment Weakens, Downstream and Upstream Factors Decline

[SMM Nickel Flash] On September 4, the SMM high-grade NPI market sentiment factor stood at 1.75, down 0.02 MoM. The upstream sentiment factor for high-grade NPI was 1.84, down 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.65, down 0.02 MoM. Weakness in spot high-grade NPI further intensified.

Sep 4, 2026 17:43