Nickel ore inventories at Chinese ports rose 202,000 wmt to 9.41 million wmt

[SMM Nickel Express] This week, the discount of high-grade NPI relative to refined nickel slightly widened. The change in the price spread was mainly driven by the divergent price trends at both ends. On one hand, the price center of refined nickel edged up slightly; on the other hand, high-grade NPI continued to be pressured by low tender prices from mainstream steel mills. Downstream buyers released a concentration of low-priced purchase orders, pulling back the price center of NPI spot prices across the entire market, and the discount of high-grade NPI expanded somewhat.

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI fell by 1.2 yuan/nickel unit WoW to 1,132.5 yuan/nickel unit (ex-factory, tax included), while the average price of the Indonesian NPI FOB index dropped by $0.46/nickel unit WoW to $146.23/nickel unit. This week, spot high-grade NPI remained on a downward trajectory, with the market’s tug-of-war between longs and shorts intensifying.

[SMM Nickel Flash] July 10 – In the off-season, suppliers generally show low willingness to sell and are reluctant to proactively offer significant discounts. Downstream steel mills, influenced by tender settlements at mainstream mills, have been lowering their indicative prices, with strong sentiment to push for lower prices. The market is expected to consolidate on a subdued note in the near term, making the divergence in offer prices between upstream and downstream difficult to narrow quickly, and a significant increase in transaction volumes is unlikely.