SMM March 12 News,
On March 12, the SMM 8-12% high-grade NPI average price was 1,000 yuan/mtu (ex-factory, tax included), up by 2.5 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 significantly recovered, coupled with lower-than-expected nickel ore output, resulting in 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, leading to optimistic demand for high-grade NPI from downstream sectors. 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.
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