J P M O R G A N Asia Pacific Equity Research 17 October 2025 Nickel Dashboard Strong gains across nickel intermediary prices in Sept LME nickel edged higher in September, averaging USD15,310/t (+1% m/m), supported by gains across nickel intermediates. Nickel sulfate rose ~5% on tighter MHP feedstock and firmer precursor demand, lifting prices to a premium over LME of ~2% - levels last seen in Oct 2022. Nickel pig iron (NPI) also averaged USD11,940/t, up 4% m/m, likely driven by Indonesia's continued clampdo ...