On April 22, the average price of SMM8-12% high-nickel pig iron was 951.5 yuan/nickel point (ex-factory tax included), up 4 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, the current nickel and stainless steel disk shocks strengthened, the spot followed the rise, the demand for long-term raw material reserves of stainless steel mills was released in the near future, and the transaction price of steel mills today reached a new high of 990 yuan / nickel point. To sum up, the rebound of stainless steel spot prices and the strong cost support of ferronickel are expected to be stable and strong in the short term.