High-Grade NPI Demand Weak as Steel Mills Have Sufficient Inventories, Procurement Slows

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Aug , 2026

Typhoon Saudel (locally Obet) entered the Philippine Area of Responsibility on August 24 and is moving west-northwestward, with potential impacts on the East China Sea and East China coast around August 26–27, though the track remains uncertain. For nickel logistics, Zambales/Sta. Cruz and Subic loading ports remain the key areas to watch, as heavy rain, strong winds and rough seas could cause short-term disruptions to ore loading and transportation. Surigao and other major nickel areas are expected to see limited impact. In mainland China, the East China Sea route and East China coastal ports should be monitored, as deteriorating sea conditions could temporarily affect vessel operations and port activities around August 26–27.

Indonesian nickel ore CIF average prices remained unchanged across all three grades: 1.4% Ni: CIF average price at $53.3/wmt 1.5% Ni: CIF average price at $60.8/wmt 1.6% Ni: CIF average price at $65.8/wmt Indonesia Policy Update — August 24, 2026 The Indonesian nickel ore market remains in a wait-and-see period, with the market closely monitoring further RKAB approvals and potential quota adjustments. Meanwhile, the government has delayed the implementation of the planned windfall tax, while further details on the policy remain under discussion. Weather conditions across major nickel-producing regions remain generally manageable, although localized heavy rainfall could still cause temporary disruptions to mining and logistics. The market is also waiting for a potential revision to the HPM formula for limonite ore. Any changes to the pricing mechanism, particularly the treatment of associated metals and corrective factors, could affect limonite pricing and HPAL feedstock economics.