Nickel Market: Stable Auxiliary Prices, Rising Coke and Indonesian Ore, Pressured NPI Amid Cost Uncertainties

Published: Mar 27, 2026 18:09

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[SMM Nickel Flash] This week, auxiliary material prices were generally stable with slight rise, while market sentiment in the coking coal and coke markets improved, and coke producers showed a stronger willingness to increase prices. Ore side, Philippine ore prices edged lower, while Indonesian nickel ore prices continued to rise. Meanwhile, downstream high-grade NPI prices remained under pressure, and amid cost uncertainties caused by high freight rates and geopolitical conflicts, smelter profit margins were squeezed.

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