Towards the end of the month, the downstream stocking sentiment has risen, and the short-term ferronickel price is still running strongly.

On April 29, the average price of SMM8-12% high-nickel pig iron was 963.5 yuan/nickel point (ex-factory tax included), up 3.5 yuan/nickel point from the previous working day. On the supply side, Indonesia is affected by the Ramadan and Eid holidays, the approval progress of RKAB has been suspended, the mining at the mine end has not been released, the raw materials of smelters are still tight, the cost support of ferronickel is strong, and the production ramp-up is slow. Due to the inversion of profits of domestic smelters, some of the current shutdown enterprises have not yet clarified the resumption time, and the amount of domestic circulating ferronickel is limited. On the demand side, due to the rise in ferronickel prices, the forward raw material storage demand of some steel mills was advanced, and the transaction price was increased compared with the previous period. To sum up, the rebound in the spot price of stainless steel and the strong support of ferronickel costs are expected to be stable in the short term.