Exclusive: China’s NPI output shrank 3% on month to 43,200 mt Ni in July

Published: Aug 7, 2020 11:41

Save

China’s NPI output fell 3% from June and 14.74% from a year earlier to 43,200 mt (Ni content) in July. This included 36,000 mt (Ni content) of high-grade NPI, down 3.87% on month, and 7,200 mt (Ni content) of low-grade NPI, up 1.56% month on month.

SHANGHAI, Aug 7 (SMM) — China’s NPI output fell 3% from June and 14.74% from a year earlier to 43,200 mt (Ni content) in July. This included 36,000 mt (Ni content) of high-grade NPI, down 3.87% on month, and 7,200 mt (Ni content) of low-grade NPI, up 1.56% month on month. Maintenance at some NPI plants led to the decline in high-grade NPI output. Some integrated steel makers increased output of #200 stainless steel, contributing to the rise in low-grade NPI output.

SMM expects China’s NPI output to rebound 1.9% on month to 44,100 mt (Ni content) in August as some plants will return to normal production from maintenance. High-grade NPI output is likely to increase 2.16% to 36,800 mt (Ni content), and low-grade NPI output to inch up 0.56% to 7,300 mt (Ni content) in August, both on a monthly basis.

Demand for NPI increased as stainless steel output expanded, but the rise in NPI imports from Indonesia failed to accelerate as Indonesian stainless steel makers also raised output. Tighter domestic NPI supply may buoy NPI prices, which is likely to limit the decline in third-quarter NPI output in China.

NPI Output

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Sep 11, 2026 18:00

Domestic High-Grade NPI Costs Drop, but Profit Margins Squeeze Amid Falling Selling Prices

[SMM Nickel Flash] Domestic high-grade NPI production costs declined this week. Lower Philippine nickel ore prices, coupled with a pullback in coke prices, reduced smelting raw material costs. However, NPI selling prices fell significantly over the same period, dragging on profitability and narrowing profit margins for domestic smelters.

Sep 11, 2026 18:00

SMM 10-12% High-Grade NPI Price Drops to 1,095.5 Yuan/Unit, Indonesia NPI FOB Index Falls to $141.14/Unit

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI fell by 17.7 yuan/nickel unit WoW to 1,095.5 yuan/nickel unit (ex-factory, tax included), while the average price of the Indonesia NPI FOB index dropped by $2.93/nickel unit WoW to $141.14/nickel unit. This week, the high-grade NPI market continued to weaken, with the price center moving steadily lower. Upstream and downstream price negotiations intensified, and the market entered a stalemate, consolidating at lows.

Sep 11, 2026 18:00

Sep 11, 2026 17:45

[SMM Analysis] High-Grade NPI Prices Decline as Supply Recovers and Market Activity Slows

The average price of SMM 10-12% high-grade NPI fell WoW by 17.7 yuan/nickel unit to 1,095.5 yuan/nickel unit (ex-factory, tax included), and the average price of the Indonesia NPI FOB index fell WoW by $2.93/nickel unit to $141.14/nickel unit. This week, the high-grade NPI market continued to weaken, with the price center shifting steadily lower. Price negotiations between upstream and downstream intensified, and the market entered a phase of stagnant consolidation at lows.

Sep 11, 2026 17:45