China NPI output in October and forecast for November

Published: Nov 9, 2023 18:09

Source: SMM

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In October 2023, China's NPI production was 33,700 mt in nickel content and 787,000 mt in physical content, down 0.36% MoM and 2.23% YoY respectively.

In October 2023, China's NPI production was 33,700 mt in nickel content and 787,000 mt in physical content, down 0.36% MoM and 2.23% YoY respectively. Poor demand during the traditional peak season led to reports of 300-series stainless steel production cuts, which weakened high-grade NPI demand. NPI prices fell due to decreased demand from stainless steel mills and liquidity needs of NPI traders, despite stable ore prices. This led to losses for high-grade NPI producers, some entering maintenance mode and reducing NPI production.

November 2023's estimated NPI production is around 33,600 mt in nickel content, down 0.31% MoM. High NPI stock and low Q4 demand recovery are reported by SMM. Traders' need for fund retrieval is expected to continue, further reducing high-grade NPI prices.

Output

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