SMM March 11 News,
On March 11, the SMM 8-12% high-grade NPI average price was 997.5 yuan/mtu (ex-factory, tax included), up by 1 yuan/mtu compared to the previous working day. Supply side, domestically, as the rainy season in the Philippines nears its end, nickel ore supply remains tight, ore prices are stable, and smelters' production motivation is weak, leading to low production levels. In Indonesia, some production lines in major production areas have not resumed, coupled with lower-than-expected nickel ore output, resulting in overall stable production. Demand side, stainless steel production schedules are expected to maintain an upward trend, while the price increase of stainless steel scrap weakens the raw material cost-effectiveness, leaving downstream demand for high-grade NPI relatively optimistic. In the short term, high-grade NPI prices are supported by stronger costs and tighter supply and demand, and prices are expected to remain relatively stable with a strong trend.
