High-Grade NPI Discount Widens, Still Insufficient for Large-Scale Nickel Matte Conversion

Published: Jul 17, 2026 18:03

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[SMM Nickel Express] This week, the average discount of high-grade NPI over refined nickel widened slightly. Although the discount has widened, the current price spread has not yet reached the level needed to cover the conversion of NPI to high-grade nickel matte, and it does not provide the economic incentive to drive large-scale switching of smelting lines to produce high-grade nickel matte.

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