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

Save

[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.

》Subscribe to view historical SMM metal spot prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 22, 2026 20:42

【SMM Analysis】Weekly Review of Indonesian Nickel Market - May 22

May 22, 2026 20:42

May 22, 2026 19:16

[SMM Analysis] Supply-Demand Price Spread Hard to Converge, Prices to Fluctuate in the Short Term

[SMM Analysis: Supply-Demand Price Spread Hard to Converge, Prices to Fluctuate in the Short Term] The SMM 10-12% high-grade NPI average price fell 5.7 yuan/nickel unit WoW to 1,140.3 yuan/nickel unit (ex-factory, tax included), while the Indonesian NPI FOB index average price fell 1.23 $/nickel unit WoW to 146.52 $/nickel unit. Downstream purchasing sentiment saw a more pronounced decline, with the divergence in mindset between upstream and downstream intensifying.

May 22, 2026 19:16

May 22, 2026 18:22

[SMM Analysis] Macro Uncertainty Weighs on Stainless Futures; Low Inventory and Demand Underpin Cash Market

This week's stainless steel futures market reflected a classic divergence: external macro headwinds drove paper weakness, while domestic spot fundamentals held firm. We break down what drove the disconnect and what to watch next.

May 22, 2026 18:22