Domestic apparent consumption of primary nickel is expected to hit a new high in Q2 due to the high cost effectiveness of briquette and NPI

Published: May 19, 2021 11:48 (GMT+8)
hina’s apparent consumption of nickel stood at 120,451 mt in April 2021. On the supply side, nickel briquette was more cost effective due to the short supply of intermediate products, and the value of iron contained in NPI kept rising.

SHANGHAI, May 19 (SMM)—China’s apparent consumption of nickel stood at 120,451 mt in April 2021. On the supply side, nickel briquette was more cost effective due to the short supply of intermediate products, and the value of iron contained in NPI kept rising. NPI will take a higher proportion in the raw materials of 300 series stainless steel as its price increase slows down. The demand from new energy industry increased as expected, which consumed the high output of 300 series stainless steel. Therefore, the apparent consumption of primary nickel is expected to rebound to a high level in Q2.

For calculation accuracy, the output of nickel sulphate with nickel briquettes as raw materials will be excluded. Output of nickel sulphate with scrap as raw material will also be excluded from primary nickel consumption. The import data of refined nickel indicate the import volume that flowed into the spot market.

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
[SMM Stainless Steel Flash] India Extends AD Probe on Stainless CRC from China, Indonesia and Vietnam by 6 Months
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
Read More
[SMM Stainless Steel Flash] India Extends AD Probe on Stainless CRC from China, Indonesia and Vietnam by 6 Months
[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)
[SMM Analysis] Indonesian Production Cuts and Pre-Holiday Caution Slow the Decline in NPI Prices
Sep 24, 2026 16:47 (GMT+8)
[SMM Analysis] Indonesian Production Cuts and Pre-Holiday Caution Slow the Decline in NPI Prices
Read More
[SMM Analysis] Indonesian Production Cuts and Pre-Holiday Caution Slow the Decline in NPI Prices
[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)
[SMM Analysis] Downstream Demand Shows No Improvement as Nickel Intermediate Prices Diverge
Sep 24, 2026 16:35 (GMT+8)
[SMM Analysis] Downstream Demand Shows No Improvement as Nickel Intermediate Prices Diverge
Read More
[SMM Analysis] Downstream Demand Shows No Improvement as Nickel Intermediate Prices Diverge
[SMM Analysis] Downstream Demand Shows No Improvement as Nickel Intermediate Prices Diverge
MHP payables weakened amid ample supply and cautious downstream buying, while high grade nickel matte payables held steady. Despite a rebound in benchmark nickel prices, MHP’s nickel and cobalt component prices fell. Nickel intermediates are expected to remain under pressure in the near term.
Sep 24, 2026 16:35 (GMT+8)