[Weak Demand Weakens Nickel Iron Prices Support [Nickel Pig Iron Daily Review]]

SMM March 6th News:

On March 6th, the average price of 8-12% high-nickel pig iron was 957.5 yuan/nickel point (factory-inclusive tax), unchanged from the previous working day. From the perspective of supply and demand, there is an expectation of reduced production of nickel iron domestically and internationally in February, leading to a tight supply situation on the supply side. Traders and domestic iron plants have shown a significant increase in intention prices, accompanied by reluctance to sell. On the demand side, affected by the reduction of production in Indonesian nickel iron smelters, the quantity of Indonesian iron returning to the domestic market has decreased, leading to some steel mills making just-in-time purchases this week. Although it is currently the off-season in the stainless steel industry, spot nickel iron transactions in the market have shown signs of warming this week. Looking ahead, the approval speed of RKAB has noticeably increased, and the sentiment of raw material shortage is gradually dissipating. If demand continues to weaken, it is expected that the support for nickel iron prices will weaken.