High-Grade NPI Prices Rise as Indonesian Policies Tighten and Nickel Market Rebounds

Published: Apr 30, 2026 18:02

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[SMM Nickel Brief] The average price of SMM 10-12% high-grade NPI rose 26.9 yuan/nickel unit WoW to 1,120 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price rose 3.14 $/nickel unit WoW to 143.2 $/nickel unit. The high-grade NPI market first declined and then rebounded this week. Sentiment was weak at the beginning of the week, but as Indonesian policies tightened and nickel prices rose, bullish expectations strengthened and the price center gradually shifted upward.

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