SHANGHAI, Dec 8 (SMM)—China’s NPI output shrank 2.2% from October to 42,700 mt Ni in November. This included 35,100 mt Ni of high-grade NPI, down 2.3% on the month, and 7,600 mt Ni of low-grade NPI, down 2.2% month on month. High-grade NPI output extended declines in November as large-scale NPI plants reduced output or operating capacity, and the output cuts are expected to expand in December as raw materials inventories are running low. Low-grade NPI output fell slightly in November though an integrated #200 stainless steel mill recovered from maintenance.
SMM expects China’s NPI output to fall 6.8% on the month to 39,800 mt Ni in December. Output of high-grade NPI is likely to shrink 9.3% to 31,900 mt Ni, while that of low-grade NPI to rise 4.9% to 7,900 mt Ni due to commissioning of new capacity at the integrated #200 stainless steel mill.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
