In April, the national nickel pig iron metal ton decreased by about 3.4% month-on-month, and the metal ton is expected to increase by about 3.2% month-on-month in May.

SMM, May 9, 2024, the national nickel pig iron output in April 2024 was 26,700 nickel tons, 647,000 physical tons, a decrease of 2.15% month-on-month, and a month-on-month decrease of 3.40% in metal tons. Among them, high-nickel pig iron is about 205,000 physical tons, 20,200 metal tons, high-nickel pig iron is about 9,400 metal tons, and low-nickel pig iron is about 442,000 physical tons, 6,500 metal tons. In April, the national nickel pig iron declined, mainly due to the impact of Eid al-Fitr in April, the slowdown of Indonesia's RKAB approval, the disturbance of Indonesia's mine end has not been alleviated, the nickel ore procurement sentiment of domestic nickel pig iron smelters is weak, the nickel ore of smelters is still mainly digested by inventory, the cost of nickel ore is high, the cost inversion pattern of domestic smelters has not been repaired, and some domestic enterprises have been overhauled and suspended, and the resumption of production time is unknown. In addition, some areas were affected by spring environmental inspections, and the output of the production rhythm was adjusted and declined slightly. On the other hand, by the price of stainless steel in March, resulting in a heavy market panic, the number of stainless steel futures orders in April is not optimistic, the integrated steel mill adjusted the product structure to cope with market fluctuations, and the slight decline in the output of 300 series stainless steel led to a slight decline in the integration of red nickel pig iron. It is estimated that the national nickel pig iron output in May 2024 will be around 27,600 metal tons, an increase of 3.2% month-on-month compared with the output in April. According to SMM research, some domestic smelters are expected to resume production in May, but due to the high cost of domestic nickel pig iron, the total amount of resumption of production is limited. In addition, the total amount of ferronickel red sent by integrated steel mills is driven by the current demand for stainless steel. In summary, it is expected that domestic nickel pig iron production will increase slightly during May.