In February, the national NPI metal content decreased by approximately 8.24% MoM, while in March, the metal content is expected to increase by approximately 0.97% MoM [SMM Analysis].

Published: Feb 28, 2025 21:01

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[SMM Analysis: National NPI Metal Content Down Approximately 8.24% MoM in February; March Metal Content Expected to Rise Approximately 0.97% MoM] In February 2025, the national NPI production (physical content) decreased approximately 11.38% MoM, while the metal content declined approximately 8.24% MoM...

SMM reported on February 28 that

in February 2025, China's NPI production (physical content) decreased by approximately 11.38% MoM, while metal content fell by about 8.24% MoM. Both physical content and metal content of NPI continued to decline compared to the previous month, primarily due to fewer production days in February. Additionally, the ongoing rainy season in the Philippines kept nickel ore prices firm, weakening production incentives for smelters. Some production lines in certain regions underwent maintenance, further reducing output. Meanwhile, both physical content and metal content of low-grade NPI also declined, impacted by weak downstream demand and production adjustments by certain smelters. Furthermore, some integrated stainless steel mills entered a phase of maintenance for certain production lines due to losses in 200-series stainless steel, leading to a drop in low-grade pig iron output. In February, both high-grade and low-grade NPI metal content experienced declines.

In March 2025, China's NPI production (physical content) is expected to increase by approximately 4.83% MoM, with metal content rising by about 0.97% MoM. According to the SMM survey, domestic high-grade NPI smelters are operating with low raw material inventories, and the release of Philippine nickel ore will still depend on the end of the rainy season. High-grade NPI metal content is expected to decrease by about 0.52% MoM in March compared to February. On the other hand, with the gradual recovery of the stainless steel market, 200-series production is expected to increase, leading to a rise in integrated low-grade NPI metal content compared to February. Overall, domestic NPI metal content is expected to increase in March.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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