Supply side, domestically, as the rainy season in the Philippines nears its end, nickel ore output remains relatively tight. Nickel 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 shown significant recovery, 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. With stainless steel scrap prices rising, the raw material cost-effectiveness has weakened, but downstream demand for high-grade NPI remains optimistic.
In the short term, high-grade NPI prices are supported by stronger costs and tightening supply and demand, and prices are expected to remain relatively stable with a strong trend.
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