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The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 Feb , 2026

The Nickel Intermediate Product Market Experienced a Holiday Slowdown, with Trading Activity Remaining Sluggish.

[SMM Daily Review: Sluggish Market on Last Trading Day Before Holiday, High-Grade NPI Price Holds Steady MoM] February 13 - The SMM average price for 10-12% high-grade NPI was 1,051.5 yuan/mtu (ex-factory, tax included), flat MoM compared with the previous working day.

On February 13, the SMM battery-grade nickel sulphate index price was 31,635 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400–32,500 yuan/mt, and the average price remained unchanged from the previous day.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Feb , 2026

[SMM Daily Review: Pre-Holiday Market Activity Rises Significantly, High-Grade NPI Price Up MoM] February 12 - The average price of SMM 10-12% high-grade NPI was 1,051.5 yuan/mtu (ex-factory, tax included), up 8.5 yuan/mtu MoM from the previous working day.

As of now, the FOB price of Indonesian MHP nickel is $15,015/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt Ni.

[SMM Nickel Flash] February 11 — Supply side, amid the impact of nickel ore quota news, futures rose again, supporting firm market quotations. Demand side, against a backdrop of bullish sentiment, there was some restocking activity, but overall market liquidity remained weak. In summary, the pattern of poor market liquidity before the holiday remained unchanged; driven by futures and macro sentiment, high-grade NPI prices rose slightly.

[SMM Nickel Flash] February 11 - SMM 10-12% high-grade NPI average price was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.95, down 0.03 MoM; the upstream sentiment factor was 2.72, down 0.03 MoM; and the downstream sentiment factor was 1.17, down 0.03 MoM.

According to Eramet's press release, PT Weda Bay Nickel (WBN) has received an initial notification from Indonesian authorities for a 2026 production and sales quota of just 12 Mwmt, a drastic reduction compared to the 32 Mwmt initially granted for 2025 and its later upward revision to 42 Mwmt. This significantly lower volume reflects the government's tightening of the Work Plan and Budget (RKAB) policy to manage market balance and sustainable resources. While WBN is currently adjusting its operations to minimize the impact on North Maluku's economy, the company plans to apply for an early revision to a higher volume to meet the high demand from smelters and HPAL facilities at the IWIP industrial park.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 Feb , 2026