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![[SMM Analysis] Why Would IWIP Cut NPI to Make Room for Aluminum?](https://imgqn.smm.cn/production/admin/votes/imageszPVZA20260521113451.png)
[SMM Analysis] Why Would IWIP Cut NPI to Make Room for Aluminum?Rumored NPI production cuts at one of Indonesia's largest nickel hubs reveal a deeper structural shift — and a stark gap in per-megawatt-hour returns between aluminum and nickel.
May 21, 2026 11:32
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