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  【SMM Analysis】Weekly Review of Indonesian Nickel Market - Dec 26

  Indonesia's Nickel Ore Price Stable, Forestry Task Force Remains Active

• Copper prices change daily, making companies hesitant to accept orders! Downstream factories are forced to cut production and "lie flat."

  Copper prices surged significantly, leaving downstream semi-finished copper product enterprises generally facing challenges such as high costs, pressured processing fees, and shrinking profits. Struggling to survive under pressure from both sides—continuously rising raw material costs and persistently difficult-to-increase processing fees—these enterprises are caught in a difficult situation.

• The development of the non-ferrous metals industry may be impacted by chemical industry policies.[SMM Analysis]

  [SMM Analysis:The development of the non-ferrous metals industry may be impacted by chemical industry policies.]

• Chinese Domestic Copper Cathode Premium Has Began to Widely Offer

  Compared with the end of 2024, during this year’s CESCO week, Chinese smelters accelerated the pricing rhythm for 2026 domestic copper cathode long-term contracts. It is reported that first-round offers for major copper cathode brands circulating in East China are mostly above RMB 180/mt. This article provides a brief summary of current long-term contract quotations across different regions.

• [SMM Analysis] Macro Sentiment and Cost Support Drive High-Grade NPI into an Upward Trend

  The average price of SMM 10-12% high-grade NPI rose 8.6 yuan/mtu WoW to 894 yuan/mtu (ex-factory, tax included), while the average Indonesia NPI FOB index price increased 1.19 $/mtu WoW to 111.65 $/mtu. SHFE nickel surged this week, and driven by macro tailwinds, stainless steel futures and spot prices also climbed. Transaction prices for high-grade NPI rebounded noticeably, with market activity improving significantly.