Market transaction prices have fallen further, and nickel pig iron prices may be in the doldrums in the short term. [Daily Review of NPI]

Published: Jun 13, 2025 18:05

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[SMM Daily Review: Market Transaction Prices Further Decline, Short-Term Nickel Pig Iron Prices May Be in the Doldrums] On June 13, the average price of SMM 8-12% high-grade NPI was 933.5 yuan/mtu (ex-factory, tax included), down 5.5 yuan/mtu from the previous working day...

SMM News on June 13,

On June 13, the average price of SMM 8-12% high-grade NPI was 933.5 yuan/mtu (ex-factory, tax included), down 5.5 yuan/mtu from the previous working day. Supply side, domestically, nickel ore prices in the Philippines remained relatively firm, and smelters continued to incur losses, with production running at a low level. In Indonesia, the price of domestic trade saprolite ore for pyrometallurgy continued to rise, pushing up the cost line for smelters again. The weak price of finished products led to continued losses for smelters. However, against the backdrop of sluggish demand for high-grade nickel matte, Indonesia still primarily produced high-grade NPI, resulting in a slight increase in production. Demand side, the stainless steel sector entered the off-season, with some steel mills undergoing maintenance during this period, leading to a decline in production and weaker demand for high-grade NPI. Additionally, the weak price of stainless steel was transmitted to the stainless steel scrap sector, expanding the economic advantage of stainless steel scrap and putting pressure on the price of high-grade NPI. Overall, it is expected that the price of high-grade NPI may remain in the doldrums in the short term.

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