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Nickel prices

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Nickel Cathode

Price description
icon
Price Range
Avg.
Change
Date
SMM #1 Nickel (USD/mt)
18,184.02-19,490.13
18,837.07
+358.76
Jan 23, 2026
#1 JinChuan Nickel (USD/mt)
19,236.51-19,490.13
19,363.32
+333.51
Jan 23, 2026
#1 JinChuan Nickel premium/discount (USD/mt)
1,014.45-1,077.85
1,046.15
-63.18
Jan 23, 2026
#1 Import Nickel (USD/mt)
18,260.11-18,463
18,361.55
+396.7
Jan 23, 2026
#1 Import Nickel premium/discount (USD/mt)
38.04-50.72
44.38
+0.01
Jan 23, 2026
Electro-deposited Nickel (USD/mt)
18,184.02-18,488.36
18,336.19
+390.36
Jan 23, 2026
Electro-deposited Nickel Premium (USD/mt)
(-38.04)-76.08
19.02
-6.34
Jan 23, 2026
Nickel Briquettes (USD/mt)
18,526.4-18,729.29
18,627.84
+396.76
Jan 23, 2026
SMM Indonesia Refined Nickel, FOB Indonesia (USD/tonne)
18,000-18,090
18,045
+200
Jan 23, 2026

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Nickel Ore

Price description
icon
Price Range
Avg.
Change
Date
Indonesia Laterite Nickel Ore 1.2% (delivered to destination port) (USD/wmt)
21-22
21.5
0
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.3%（delivered to destination port） (USD/wmt)
23-24
23.5
0
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.4%（delivered to destination port） (USD/wmt)
42.8-44.9
43.85
+3
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.5%（delivered to destination port） (USD/wmt)
49.6-51.1
50.35
+3.5
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.6% (delivered to destination port) (USD/wmt)
54-56
55
+3.1
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.2%（FOB） (USD/wmt)
15-17
16
0
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.3%（FOB） (USD/wmt)
17-19
18
0
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.4%（FOB） (USD/wmt)
35-37.8
36.4
+3.1
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.5%（FOB） (USD/wmt)
40.8-43.3
42.05
+3.7
Jan 23, 2026
Indonesia Laterite Nickel Ore 1.6%（FOB） (USD/wmt)
45.6-46.8
46.2
+3.2
Jan 23, 2026
Ni0.9%,Fe49%,Al≥7%,CIF,Philippines (USD/wmt)
29-31
30
0
Jan 23, 2026
Ni0.9%,Fe49%,Al<7%,CIF,Philippines (USD/wmt)
35-37
36
0
Jan 23, 2026
Ni1.3%,Fe15-25%,CIF,Philippines (USD/wmt)
43-47
45
+0.5
Jan 23, 2026
Ni1.4%,Fe15-25%,CIF,Philippines (USD/wmt)
50-54
52
+0.5
Jan 23, 2026
Ni1.5%,Fe15-25%,CIF,Philippines (USD/wmt)
57-61
59
+0.5
Jan 23, 2026
Ni1.8%,Fe15-20%,CIF,Others region (USD/wmt)
77-80
78.5
0
Jan 23, 2026
Ni0.9%,Fe49%,Al≥7% FOB,Philippines (USD/wmt)
14-17
15.5
0
Jan 23, 2026
Ni0.9%,Fe49%,Al<7%,FOB,Philippines (USD/wmt)
24-25
24.5
0
Jan 23, 2026
Ni1.3%,Fe15-25%,FOB,Philippines (USD/wmt)
35-39
37
+0.5
Jan 23, 2026
Ni1.4%,Fe15-25%,FOB,Philippines (USD/wmt)
42-46
44
+0.5
Jan 23, 2026
Ni1.8%,Fe15-20%,FOB (USD/wmt)
68-71
69.5
0
Jan 23, 2026
Ni1.5%,Fe15-25%,FOB,Philippines (USD/wmt)
49-53
51
+0.5
Jan 23, 2026
SMM the Philippines 1.3% Laterite Nickel Ore, CIF Indonesia (USD/mt)
43-46
44.5
0
Jan 23, 2026
SMM the Philippines 1.4% Laterite Nickel Ore, CIF Indonesia (USD/mt)
50-53
51.5
0
Jan 23, 2026

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Ocean Freight Rate for Nickel Ore

Price description
Price Range
Avg.
Change
Date
Indonesia Nickel Ore Shipping Freight(Central Sulawesi to IMIP Port) (USD)
3.3-4.3
3.8
-0.1
Jan 23, 2026
Indonesia Nickel Ore Shipping Freight (Southeast Sulawesi to IMIP Port) (USD)
5.3-6.3
5.8
-0.2
Jan 23, 2026
Indonesia Nickel Ore Shipping Freight (Central Sulawesi to IWIP Port) (USD)
7.2-8.2
7.7
-0.1
Jan 23, 2026
Indonesia Nickel Ore Shipping Freight(Southeast Sulawesi to IWIP Port) (USD)
9.5-10.9
10.2
-0.3
Jan 23, 2026
Nickel Ore Freight Rates Philippines to Lianyungang Port (USD/mt)
7-7.5
7.25
0
Jan 23, 2026
Nickel Ore Freight Rates Philippines to Tianjin Port (USD/mt)
8-8.5
8.25
0
Jan 23, 2026

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FeNi

Price description
Price Range
Avg.
Change
Date
15-20% FeNi , DDP China (USD/nickel unit)
131.88-148.36
140.12
+0.03
Jan 23, 2026
20-25% FeNi , DDP China (USD/nickel unit)
150.9-159.78
155.34
+0.03
Jan 23, 2026
Ni≥30%FeNi , DDP China (USD/nickel unit)
164.85-172.46
168.65
+0.03
Jan 23, 2026

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NPI Price

Price description
icon
Price Range
Avg.
Change
Date
NPI (10-12%) (USD/mtu)
129.98-134.41
132.2
+1.17
Jan 23, 2026
NPI (10-12%) Indonesia (USD/mtu)
129.98-135.43
132.7
+1.17
Jan 23, 2026
High-grade NPI Index (USD/mtu)
131.3-131.3
131.3
+1.13
Jan 23, 2026
Low-Carbon High-Grade NPI Index (USD/ni)
132.31-132.31
132.31
+1.11
Jan 23, 2026
Indonesia NPI FOB Index (USD/mtu)
131.6-131.6
131.6
+1.02
Jan 23, 2026
NPI (8-10%) (USD/mtu)
131.24-134.03
132.64
+1.1
Jan 23, 2026
NPI (12-14%) Indonesia (USD/mtu)
132.51-135.68
134.1
+1.1
Jan 23, 2026
NPI(Ni≥14%) Indonesia (USD/mtu)
131.24-137.97
134.6
+1.17
Jan 23, 2026
NPI (1.5-1.7%) (USD/mt)
450.16-462.84
456.5
+0.09
Jan 23, 2026

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Stainless Steel

Price description
icon
Price Range
Avg.
Change
Date
201/2B Coil (Wuxi) (USD/mt)
1,071.51-1,084.19
1,077.85
+0.22
Jan 23, 2026
304/2B Coil - Burr Edge (Wuxi) (USD/mt)
1,826.01-1,838.69
1,832.35
-12.31
Jan 23, 2026
201 J2/2B Coil (Wuxi) (USD/mt)
970.07-982.75
976.41
+0.2
Jan 23, 2026
304/2B Coil - Deburred Edge (Wuxi) (USD/mt)
1,889.41-1,902.09
1,895.75
-12.3
Jan 23, 2026
304/No.1 Coil (Wuxi) (USD/mt)
1,749.93-1,762.61
1,756.27
-12.33
Jan 23, 2026
316L/2B coil (Wuxi) (USD/mt)
3,335.01-3,385.73
3,360.37
+0.67
Jan 23, 2026
316L/No.1 coil (Wuxi) (USD/mt)
3,233.56-3,258.92
3,246.24
+0.65
Jan 23, 2026
430/2B Coil (Wuxi) (USD/mt)
982.75-995.43
989.09
+0.2
Jan 23, 2026
409L/2B Coil (Wuxi) (USD/mt)
951.05-963.73
957.39
+0.19
Jan 23, 2026
201/2B Coil (Foshan) (USD/mt)
1,071.51-1,084.19
1,077.85
+0.22
Jan 23, 2026
304/2B Coil-EM (Foshan) (USD/mt)
1,813.33-1,826.01
1,819.67
-12.31
Jan 23, 2026
201 J2/2B Coil (Foshan) (USD/mt)
976.41-989.09
982.75
+0.2
Jan 23, 2026
304/2B Coil-EC (Foshan) (USD/mt)
1,902.09-1,914.78
1,908.43
+0.38
Jan 23, 2026
304/No.1 Coil (Foshan) (USD/mt)
1,762.61-1,775.29
1,768.95
-12.32
Jan 23, 2026
304/2B Coil-EM, FOB Indonesia (USD/mt)
1,935-1,980
1,957.5
0
Jan 23, 2026
304/NO.1 Coil-EM, FOB Indonesia (USD/mt)
1,825-1,870
1,847.5
0
Jan 23, 2026
304L/2B Coil-ME, FOB Indonesia (USD/mt)
1,950-1,995
1,972.5
0
Jan 23, 2026
304L/NO.1 Coil-ME, FOB Indonesia (USD/mt)
1,840-1,885
1,862.5
0
Jan 23, 2026
316L/2B coil (Foshan) (USD/mt)
3,335.01-3,385.73
3,360.37
+0.67
Jan 23, 2026
316L/No.1 coil (Foshan) (USD/mt)
3,233.56-3,258.92
3,246.24
+0.65
Jan 23, 2026
430/2B Coil (Foshan) (USD/mt)
982.75-995.43
989.09
+0.2
Jan 23, 2026
409L/2B Coil (Foshan) (USD/mt)
951.05-963.73
957.39
+0.19
Jan 23, 2026
201/2B Coil (National Average Price) (USD/mt)
1,079.12-1,079.12
1,079.12
+0.22
Jan 23, 2026
304/2B Coil (National Average Price) (USD/mt)
1,829.18-1,829.18
1,829.18
-12.31
Jan 23, 2026
304/NO.1 Coil (National Average Price) (USD/mt)
1,763.88-1,763.88
1,763.88
-12.32
Jan 23, 2026
316/2B Coil (National Average Price) (USD/mt)
3,362.9-3,362.9
3,362.9
+0.67
Jan 23, 2026
430/2B Coil (National Average Price) (USD/mt)
980.85-980.85
980.85
+0.2
Jan 23, 2026
201 recharge (Foshan) (USD/mt)
659.14-702.13
680.63
+0.14
Jan 23, 2026
304 Scrap Stainless Steel Cut-Off (USD/mt)
1,389.92-1,404.25
1,397.09
+0.28
Jan 23, 2026
304 Edge Material (Foshan) (USD/mt)
1,389.92-1,432.91
1,411.42
+0.28
Jan 23, 2026
316 recharge (Shanghai) (USD/mt)
2,593.57-2,622.23
2,607.9
+0.52
Jan 23, 2026
316 recharge (Foshan) (USD/mt)
2,579.24-2,593.57
2,586.4
+0.52
Jan 23, 2026
430 recharge (Foshan) (USD/mt)
537.34-551.67
544.51
+0.11
Jan 23, 2026
Malaysia 304 SS Scrap (USD/mt)
1,210-1,230
1,220
0
Jan 23, 2026

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Nickel Compound

Price description
icon
Price Range
Avg.
Change
Date
Battery-Grade Nickel Sulphate (USD/mt)
4,064.14-4,254.35
4,159.25
+7.17
Jan 23, 2026
SMM Battery-Grade Nickel Sulphate Index (USD/mt)
4,143.14-4,143.14
4,143.14
+8.31
Jan 23, 2026
Electroplating-Grade Nickel Sulphate (USD/mt)
3,931-4,311.41
4,121.2
+0.83
Jan 23, 2026
Nickel Chloride NiCl₂·6H₂O (USD/mt)
4,501.62-4,628.43
4,565.03
+0.92
Jan 23, 2026
Nickel(II)oxide (USD/mt)
13,695.08-14,963.14
14,329.11
+2.87
Jan 23, 2026

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Nickel Intermediates

Price description
Price Range
Avg.
Change
Date
SMM Indonesia Nickel in MHP, outright price, FOB Indonesia (USD/nickel ton)
15,846-15,846
15,846
-39
Jan 23, 2026
SMM Indonesia Cobalt in MHP, outright price, FOB Indonesia (USD/cobalt tonne)
49,345-49,345
49,345
+40
Jan 23, 2026
MHP Payable (Against SMM Battery-Grade Nickel Sulphate Index) (%)
86.5-87
86.75
-1
Jan 23, 2026
MHP Cobalt Element Pricing Coefficient (Against SMM Cobalt Sulphate Average Price) (%)
89-91
90
-0.5
Jan 23, 2026
MHP Cobalt Payable to SMM Cobalt Metal (in-whs Rotterdam) (%)
91-91
91
0
Jan 23, 2026
Indonesia High-grade Nickel Matte FOB (USD/nickel ton)
16,184-16,184
16,184
-40
Jan 23, 2026

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Auxiliary Material for Nickel

Price description
Price Range
Avg.
Change
Date
Sulfur (CIF Indonesia) (USD/mt)
558-568
563
0
Jan 21, 2026
SMM Sulfur (Solid) (USD/mt)
531.32-551.61
541.46
+0.11
Jan 23, 2026
SMM Sodium hydroxide, CIF Indonesia (USD/mt)
400-415
407.5
-2.5
Jan 21, 2026

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Premium and Discount

Price description
Price Range
Avg.
Change
Date
JinChuan B&C (USD/mt)
1,014.45-1,103.21
1,058.83
-50.5
Jan 23, 2026
Russian Nickel Premium (USD/mt)
38.04-76.08
57.06
+12.69
Jan 23, 2026

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SHFE

Price description
Price
Open
High
Low
Vol.
Change
NI2602 (CNY/mt)
146,760
149,880
149,980
146,350
329,000
+1,740
NI2603 (CNY/mt)
147,050
149,690
150,200
146,600
215,627
+1,560
NI2604 (CNY/mt)
147,330
149,610
150,440
146,850
19,199
+1,340
NI2605 (CNY/mt)
147,400
149,850
150,390
147,120
77,780
+1,340
NI2606 (CNY/mt)
147,400
149,880
150,310
147,040
7,686
+980
NI2607 (CNY/mt)
147,160
150,000
150,040
147,080
702
+10
NI2608 (CNY/mt)
147,470
150,050
150,120
146,940
447
+940
NI2609 (CNY/mt)
147,250
149,260
150,330
147,120
8,404
+700
NI2610 (CNY/mt)
147,110
149,280
150,160
147,000
410
+170
NI2611 (CNY/mt)
147,680
149,520
150,190
147,200
255
+1,360
NI2612 (CNY/mt)
147,850
150,460
150,470
147,410
559
+450
NI2701 (CNY/mt)
148,370
150,550
150,790
148,370
52
+310

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LME

Price description
Price
Open
High
Low
Vol.
Change
LMEselect Nickel 3 Month (USD/mt)
18,710
18,140
18,880
18,105
15,704
+610

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SHFE/LME Ratio

Price description
Price
Open
High
Low
Change
SMM Spot/LME03
7.9482
7.9979
8.0101
7.9372
-0.0021
SHFE.NI2602/LME03
7.9137
7.9893
7.9893
7.9026
+0.0008
SHFE.NI2603/LME03
7.9294
7.9792
7.9915
7.9185
-0.0022
SHFE.NI2604/LME03
7.9445
7.9749
7.9899
7.926
+0.0054
SHFE.NI2605/LME03
7.9482
7.9877
8.0156
7.9398
-0.0031
SHFE.NI2606/LME03
7.9482
7.9787
7.9957
7.934
-0.0005
SHFE.NI2607/LME03
7.9353
7.9851
7.9892
7.9219
-0.008
SHFE.NI2608/LME03
7.952
7.975
7.9888
7.9267
+0.0087
SHFE.NI2609/LME03
7.9401
7.9563
7.9957
7.9401
-0.0161
SHFE.NI2610/LME03
7.9326
7.9531
8.0086
7.9218
-0.0177
SHFE.NI2611/LME03
7.9633
7.9659
8.026
7.9298
+0.0242
SHFE.NI2612/LME03
7.9725
7.9989
8.0229
7.9443
+0.0008
SHFE.NI2701/LME03
8.0005
8.0165
8.066
7.947
+0.0219

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Import Arbitrage

Price description
Price
Open
High
Low
Change
Nickel import arbitrage(Spot) (CNY/mt)
1,182.6766
2,128.0626
2,362.1675
944.8838
-59.5363
Nickel import arbitrage(NI2602) (CNY/mt)
-120.5643
1,302.7639
1,302.7639
-372.8935
+4.0898
Nickel import arbitrage(NI2603) (CNY/mt)
-181.8344
763.6101
997.7296
-419.8756
-59.6532
Nickel import arbitrage(NI2604) (CNY/mt)
-202.3272
366.4121
648.6648
-577.628
+69.7522
Nickel import arbitrage(NI2605) (CNY/mt)
-449.0295
344.215
800.9705
-583.9358
-124.6648
Nickel import arbitrage(NI2606) (CNY/mt)
-637.2308
-35.9644
284.0356
-951.5737
-36.1127
Nickel import arbitrage(NI2607) (CNY/mt)
-1,271.3445
-190.4517
-190.4517
-1,439.211
-290.9178
Nickel import arbitrage(NI2608) (CNY/mt)
-1,489.4569
-854.091
-647.2738
-1,949.0655
-31.3615
Nickel import arbitrage(NI2609) (CNY/mt)
-1,496.2904
-1,147.5913
-403.7808
-1,496.2904
-399.1481

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