On April 1, the average price of SMM8-12% high-nickel pig iron was 930 yuan/nickel point (ex-factory tax included), down 1.5 yuan/nickel point from the previous working day. On the supply side, although the approval speed of nickel ore quotas has been significantly accelerated recently, it still takes time from the mine to the smelter, so it is expected that the output of ferronickel will remain low during March. This week is the first trading week in April, superimposed on the impact of the mid-week Qingming Festival holiday, the upstream and downstream are still in a stalemate stage, and the market has a strong wait-and-see mood. On the demand side, in the short term, except for a steel mill in South China, which still enters the market to purchase, other domestic steel mills have no willingness to purchase, and the transaction is still dominated by the buyer's market. To sum up, the current terminal demand for stainless steel is still weak, so the supply side is showing a trend of accumulation, and the current ferronickel price is expected to be weak.