Domestic High-Grade NPI Costs Drop, but Profit Margins Squeeze Amid Falling Selling Prices

Published: Sep 11, 2026 18:00

Save

[SMM Nickel Flash] Domestic high-grade NPI production costs declined this week. Lower Philippine nickel ore prices, coupled with a pullback in coke prices, reduced smelting raw material costs. However, NPI selling prices fell significantly over the same period, dragging on profitability and narrowing profit margins for domestic smelters.

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

29 mins ago

SMM 10-12% High-Grade NPI Price Drops to 1,095.5 Yuan/Unit, Indonesia NPI FOB Index Falls to $141.14/Unit

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI fell by 17.7 yuan/nickel unit WoW to 1,095.5 yuan/nickel unit (ex-factory, tax included), while the average price of the Indonesia NPI FOB index dropped by $2.93/nickel unit WoW to $141.14/nickel unit. This week, the high-grade NPI market continued to weaken, with the price center moving steadily lower. Upstream and downstream price negotiations intensified, and the market entered a stalemate, consolidating at lows.

29 mins ago

43 mins ago

[SMM Analysis] High-Grade NPI Prices Decline as Supply Recovers and Market Activity Slows

The average price of SMM 10-12% high-grade NPI fell WoW by 17.7 yuan/nickel unit to 1,095.5 yuan/nickel unit (ex-factory, tax included), and the average price of the Indonesia NPI FOB index fell WoW by $2.93/nickel unit to $141.14/nickel unit. This week, the high-grade NPI market continued to weaken, with the price center shifting steadily lower. Price negotiations between upstream and downstream intensified, and the market entered a phase of stagnant consolidation at lows.

43 mins ago

2 hours ago

[SMM Analysis] US PPI Beat Expectations, Fueling Rate Hike Bets, Nickel Prices Under Heavy Pressure This Week

2 hours ago