Exclusive: China’s NPI output shrank 12.5% MoM to 37,300 mt Ni in December

Published: Jan 08, 2021 15:03 (GMT+8)

Save

China’s NPI output shrank 12.5% from November to 37,300 mt Ni in December. This included 29,800 mt Ni of high-grade NPI, down 15.1% on the month, and 7,500 mt Ni of low-grade NPI, down 0.8% month on month.

SHANGHAI, Jan 8 (SMM)—China’s NPI output shrank 12.5% from November to 37,300 mt Ni in December. This included 29,800 mt Ni of high-grade NPI, down 15.1% on the month, and 7,500 mt Ni of low-grade NPI, down 0.8% month on month. Shortage of raw materials and weak demand from steel makers drove NPI plants to cut or suspend production in December. A large-scale high-grade NPI plant in east China reduced output by 50%. A low-grade NPI plant in central China suspended production in December on environmental concerns, which led to the slight decline in output. Some steel makers stepped up production of #200 stainless steel due to its improved profits.

SMM expects China’s NPI output to fall 3.1% on the month to 36,200 mt Ni in January. Output of high-grade NPI is likely to shrink 5.6% to 28,200 mt Ni, while that of low-grade NPI to rise 6.8% to 8,000 mt Ni. Low inventories of raw materials and high prices of nickel ore are likely to prompt NPI plants to trim output. Besides, the approaching Chinese New Year holiday and a resurgence of COVID-19 cases in some Chinese provinces will affect transportation of feedstock and supplementary materials.

Output data NPI

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

52 mins ago

[SMM Flash News] Indonesia Names PT CNI Corporate Suspect in Rp401.65 Billion Nickel Governance Case

Indonesia’s Attorney General’s Office has named PT Ceria Nugraha Indotama (CNI) as a corporate suspect in an alleged nickel commodity governance corruption case in Southeast Sulawesi during 2017–2020. Prosecutors also named four individuals as suspects. The case allegedly involved nickel exports without fulfilling DMO requirements, inaccurate nickel-grade testing documents, export recommendation issuance before RKAB approval, and incomplete RKAB document verification. The alleged state loss was estimated at Rp401.65 billion. The case may increase market attention on historical nickel export compliance, RKAB administration, and third-party assay verification procedures in Indonesia’s mining sector.

52 mins ago

Sep 25, 2026 15:45 (GMT+8)

[SMM Stainless Steel Flash] India Extends AD Probe on Stainless CRC from China, Indonesia and Vietnam by 6 Months

India's Directorate General of Trade Remedies (DGTR) issued a notification on September 22, confirming the central government's approval to extend the anti-dumping investigation deadline on stainless steel cold-rolled flat products originating in or exported from China, Indonesia, and Vietnam by six months, from September 28, 2026 to March 28, 2027. The extension maintains the original product scope covering 300 and 400 series coils, strips, sheets, plates, and circles, without issuing any findings or preliminary duty rates. The investigation, which commenced on September 29, 2025, covers specific austenitic, ferritic, and martensitic grades, excluding hot-rolled flat products, duplex grades, and 200-series products with specific nickel content levels.

Sep 25, 2026 15:45 (GMT+8)

Sep 24, 2026 16:47 (GMT+8)

[SMM Analysis] Indonesian Production Cuts and Pre-Holiday Caution Slow the Decline in NPI Prices

Indonesian production cuts slowed the decline in NPI prices, but rising port inventories and weak stainless steel demand kept buyers cautious. The NPI discount to refined nickel widened, modestly improving the economics of conversion to high grade matte, though direct NPI sales remained more profitable.

Sep 24, 2026 16:47 (GMT+8)