[SMM FeNi Price] According to SMM, as the off-season arrived, high-grade NPI prices fell, and the transaction price of FeNi also pulled back. This week, the premium for 15-20% FeNi over SMM's 10-12% high-grade NPI delivered port-included tax price was quoted at 32.5-42.5 Yuan/nickel unit, for 20-25% FeNi at 102.5-142.5 Yuan/nickel unit, and for 30-35% FeNi at 162.5-222.5 Yuan/nickel unit.

To facilitate use by nickel industry chain clients, meet the broad user demand for FeNi prices, and enhance market transparency, SMM has decided: Starting from October 13, 2025, to publish SMM FeNi price points by grade, with the following new price points added: - 15-20% FeNi ,DDP China,USD/nickel unit - 20-25% FeNi ,DDP China,USD/nickel unit - Ni≥30% FeNi ,DDP China,USD/nickel unit

[SMM FeNi Market Update] According to SMM, this week, domestic FeNi (nickel content: 20-25%) was quoted at a premium of 140-150 yuan/mtu over the SMM 10-12% high-grade NPI delivered price including tax, equivalent to a fixed price of 1,095-1,105 yuan/mtu. FeNi (nickel content: 30-35%) was quoted at a premium of 180-190 yuan/mtu over the SMM 10-12% high-grade NPI delivered price including tax, equivalent to a fixed price of 1,135-1,145 yuan/mtu. Meanwhile, some enterprises purchased 20-25% FeNi at a discount of more than 12,000 yuan/mt Ni relative to the SMM #1 refined nickel price. Overall demand in the FeNi market remained stable, with sufficient downstream stockpiling and relatively weak procurement demand.