SMM, May 30,
SMM reported on May 30 that the average price of SMM 8-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, domestically, nickel ore prices in the Philippines remained firm, imposing a significant cost burden on smelters, and domestic production continued to operate at a low level. In Indonesia, the latest round of HPM for domestic nickel ore in Indonesia saw a slight decline, coupled with the generally stable with slight rise in the premium for ongoing order negotiations. The low finished product prices have led to a loss-making situation for smelters, and production is expected to decline slightly. Demand side, the mainstream stainless steel mills' list prices remained unchanged WoW, with the market dominated by low-price transactions. Downstream demand was impacted by tariff adjustments and the current off-season in the stainless steel market, resulting in weak purchase willingness for high-grade NPI by steel mills. However, supported by underlying costs and a market where liquidity is not yet loose, the price center has edged up slightly. Overall, it is expected that high-grade NPI prices will remain stable in the short term.
