The cost of local nickel pig iron in Indonesia is gradually strengthening, and the downward space for ferronickel prices is expected to be limited.

According to customs data, in December 2020, China's nickel ore imports totalled 3.17 million mt (wmt and dmt mixed), a decrease of 11.2% month on month and 26.6% year on year.

SMM high-grade NPI average price on December 4 was 1,030 yuan/mtu (ex-factory, tax included), down 10 yuan/mtu on the week. The purchase prices of high-grade NPI moved between 1,020-1,045 yuan/mtu (delivered to factory, tax included).  The willingness of restocking across steel plants have weakened along with the low stainless steel prices, which had dropped below the costs in all domestic ferronickel plants. This has led to lower transactions amid the ferronickel plants’ low intention of delivery.

December’s ferronickel imports contain 35,400 mt of nickel, up 2.44% from November and 38.35% from December 2018

In Jan-Nov, materials from the top supplier Indonesia soared 125% year on year on the back of rising new smelting capacity in the country

NPI Shandong Xinhai produced in Jul accounted for more than a quarter of overall output across China

Imports from Indonesia rose 41,025 mt from Mar, accounting for 84.9% of the growth in total imports

The project will prepare the ground for the company's 5-million-mt-capacity production base for stainless steel

China’s imports of ferronickel stood at 154,095 mt in Jan, the highest since May 2017

Three local mills were required to cut emissions by at least 30% from Nov 1 to Feb 28, 2019