SMM

On September 18, SMM reported that the average price of 8-12% high-grade NPI was 980 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu from the previous working day. Supply side, domestically, NPI prices fluctuated downward, smelters' losses widened, and production remained stable as production drivers declined. In Indonesia, new smelters gradually ramped up production after coming online, and some high-grade nickel matte was converted back to NPI, leading to an overall increase in production. Demand side, the stainless steel peak season performed lower-than-expected, and the NPI market remained cautious after the holiday. Additionally, a stainless steel plant announced maintenance plans for October, which may lead to a decline in NPI demand. In the short term, NPI prices are expected to fluctuate downward.