SMM reported on February 20,
On February 20, the SMM 8-12% high-grade NPI average price was 971 yuan/mtu (ex-factory, tax included), up by 3.5 yuan/mtu from the previous working day. Supply side, domestically, Philippine nickel ore prices are expected to rise, domestic smelters face higher cost lines and the risk of expanding losses, and production schedules are expected to operate at low levels. In Indonesia, a major production area has adjusted its production pace to reduce operating loads, and currently, high-grade nickel ore resources in Indonesia are relatively tight, with grades in major production areas generally declining, and metal content is expected to decrease. Demand side, stainless steel spot prices remained stable, market transactions were sluggish, and stainless steel mills, having previously stocked up inventories and benefited from improved stainless steel scrap economics, showed weaker demand for high-grade NPI. In the short term, the high-grade NPI market sentiment is expected to pull back, but under the backdrop of cost support and tight circulating resources, prices are still expected to fluctuate upward.
![[SMM 니켈 모닝 미팅 요약] 미국 연준의 9월 금리 인상 확률 66.9%로 상승, SHFE 니켈 최다 거래 종목 장 초반 하락세](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
