SMM April 30,
April 30, the SMM high-grade NPI market sentiment factor was 3.09, up 0.02 MoM. The high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM. The high-grade NPI downstream sentiment factor was 2.6, flat MoM. Steel mills made just-in-time procurement, driving up transaction volumes. Some steel mills made concentrated procurement of 11%-grade cargoes, driving a large number of high-price transactions. Upstream, rising costs of Indonesian nickel ore and downstream buying support bolstered the willingness to hold prices firm. Smelters generally held back from selling with a bullish outlook, with some indicative prices raised to 1,160-1,170 yuan/nickel unit. Downstream, expectations of restricted steel scrap procurement pushed up NPI demand. Pre-holiday steel mill procurement sentiment was relatively positive, and the market generally held up well with a generally stable with slight rise trend.
![[SMM Analysis] Nickel Prices Broke Through the 150,000 Mark This Week, Supply Crisis Continued to Escalate](https://imgqn.smm.cn/usercenter/OjGlE20251217171734.jpg)
![[SMM Analysis] Cost Support Strengthened, Nickel Sulphate Prices Rose](https://imgqn.smm.cn/usercenter/WNjzM20251217171732.jpeg)
