SHANGHAI, Aug 11 (SMM) –
In July 2023, China's NPI output was 32,800 mt in nickel content and 766,000 mt in physical content, down 2.32% from June and up 5.15% YoY. Favourable policies supported NPI prices in July. However, high nickel ore prices squeezed NPI manufacturers' margins, reducing output. The high-grade NPI output was about 26,100 mt in nickel content, up 0.03% from June. The low-grade NPI output was 6,700 mt in nickel content, down 7.28% from June. The divergence was in line with expectations. For downstream steel enterprises, high-grade NPI was more cost-effective.
China's NPI output is forecasted to be about 34,200 mt in nickel content in August 2023, up 4.33% MoM. SMM research indicates that August is the peak month for stainless steel. With upstream optimism about August prices, higher demand might boost NPI output.
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