The price of steel mills is expected to be stable in the short term [Nickel Pig Iron Daily Review]

SMM, April 26,

On April 26, the average price of SMM8-12% high nickel pig iron was 960 yuan/nickel point (ex-factory tax included), up 1 yuan/nickel point from the previous working day. On the supply side, Indonesia is affected by the Ramadan and Eid holidays, the approval progress of RKAB has been suspended, the mining at the mine end has not been released, the raw materials of smelters are still tight, the cost support of ferronickel is strong, and the production ramp-up is slow. Due to the inversion of profits of domestic smelters, some of the current shutdown enterprises have not yet clarified the resumption time, and the amount of domestic circulating ferronickel is limited. On the demand side, near the end of the month and the price of ferronickel rose, the procurement sentiment of stainless steel mills gradually waited-and-see. To sum up, the rebound in the spot price of stainless steel and the strong support of ferronickel costs are expected to be stable in the short term.