SMM March 13 News,
On March 13, the SMM 8-12% high-grade NPI average price was 1,004.5 yuan/mtu (ex-factory, tax included), up by 4.5 yuan/mtu compared to the previous working day. Supply side, domestically, as the Philippines approaches the end of the rainy season, nickel ore supply remains tight, ore prices are stable, and smelters' production motivation is weak, resulting in low production levels. In Indonesia, some production lines in major production areas have not significantly resumed, coupled with lower-than-expected nickel ore output, leading to overall stable production levels. 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 expected to remain relatively stable with a strong trend, supported by rising costs and tightening supply and demand.
