Costs of High-Grade NPI in China Drop as Philippine Ore Arrivals Increase, Profitability Gap Widens

Published: Jun 18, 2026 18:14

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[SMM Nickel Flash] This week, the cost trends of high-grade NPI in and outside China diverged once again, with the profitability gap continuing to widen. The cash cost of high-grade NPI in China extended its downward trend, primarily driven by increased arrivals of Philippine nickel ore and persistently weakening prices, directly reducing smelting’s core raw material costs, while overall production costs pulled back in tandem.

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