China NPI output in October and forecast for November

Published: Nov 9, 2023 18:09

Source: SMM

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In October 2023, China's NPI production was 33,700 mt in nickel content and 787,000 mt in physical content, down 0.36% MoM and 2.23% YoY respectively.

In October 2023, China's NPI production was 33,700 mt in nickel content and 787,000 mt in physical content, down 0.36% MoM and 2.23% YoY respectively. Poor demand during the traditional peak season led to reports of 300-series stainless steel production cuts, which weakened high-grade NPI demand. NPI prices fell due to decreased demand from stainless steel mills and liquidity needs of NPI traders, despite stable ore prices. This led to losses for high-grade NPI producers, some entering maintenance mode and reducing NPI production.

November 2023's estimated NPI production is around 33,600 mt in nickel content, down 0.31% MoM. High NPI stock and low Q4 demand recovery are reported by SMM. Traders' need for fund retrieval is expected to continue, further reducing high-grade NPI prices.

Output

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.

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