SHANGHAI, Mar 16 (SMM) – As of February 28, the SMM prices of Ni 8-12% high-grade NPI stood at 1,325 yuan/mtu, down 45 yuan/mtu from the beginning of the month. The stainless steel market did not recover as rapidly as expected after the Chinese New Year (CNY) holiday. Stainless steel mills held back from purchasing in February as they still held NPI that was stockpiled before the CNY holiday. NPI production in Indonesia increased slightly on a MoM basis in February. The massive arrivals of delayed shipments exacerbated oversupply in the domestic NPI market at the end of February. Stainless steel mills tried to push for lower NPI prices as falling stainless steel prices eroded their profits. On the cost side, short supply during the rainy season kept nickel ore prices at highs. NPI plants were mainly working though low-priced ore bought earlier.