The Stainless Steel Market Sentiment Pulled Back with Reduced Inquiry Activity in the High-Grade NPI Market [NPI Daily Review]

Published: Mar 21, 2025 16:41

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[SMM Daily Review: Stainless Steel Market Sentiment Pulls Back, High-Grade NPI Market Inquiry Activity Declines] On March 21, the SMM 8-12% high-grade NPI average price was 1,020 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day...

SMM Mar 21 News, The average price of SMM 8-12% high-grade NPI was 1,020 yuan/mtu (ex-factory, tax included) on Mar 21, up 1 yuan/mtu from the previous working day. Supply side, domestically, as it is nearing the end of the rainy season in the Philippines, it will still take time for nickel ore to be released, and with stable ore prices, smelters have weak production incentives, leading to low production. In Indonesia, recent abundant rainfall and tight nickel ore supply have kept smelter inventories at low levels, and despite new capacity coming online, production has only seen a slight increase. Demand side, stainless steel futures orders were relatively strong, and with scrap stainless steel prices rising along with finished product prices, the economic advantage of scrap stainless steel has weakened. In the short term, the cost support for high-grade NPI has strengthened, and with tightening supply and demand, prices are expected to remain relatively stable with a strong trend. Purchase to view SMM historical spot metal prices

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