[3.13 Morning Meeting Summary] 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 Philippines approaches the end of the rainy season, nickel ore output remains relatively tight, ore prices are stable, and smelters' production motivation is weak, leading to low production levels. In Indonesia, some production lines in major producing areas have not shown significant recovery, coupled with lower-than-expected nickel ore output, resulting in overall stable production levels.
![[SMM Analysis] Sulfur and HPM Impacted the Market, MHP Payables Rose, and High-Grade Nickel Matte Remained Stable](https://imgqn.smm.cn/usercenter/WYeHX20251217171733.jpg)
![[SMM Analysis] Chinese Stainless Steel Break Through 15,000 Yuan as Indonesian Policy Shift and Macro Tailwinds Converge](https://imgqn.smm.cn/production/admin/votes/imagesSlUYY20260417172630.jpeg)
