On May 7, the average price of SMM 8-12% high-grade NPI was 963.5 yuan/mtu (ex-factory, including tax), holding the same as the previous working day. From the supply side, Indonesian production increased in May due to the successful commissioning of the new production line in Huabao Industrial Park, but it still takes time for the mine to increase production. Therefore, the nickel ore price is firm, putting pressure on smelters’ output increase. Domestically, although NPI prices have rebounded since early April, NPI smelter’s profits have not completely recovered, so they still maintain low operating rates. From the demand side, stainless steel sales are still dominated by rigid demand after the holiday. It takes time for the trade-in policy to have an effect on terminal. Steel mills’ purchasing demand is relatively weak in the short term. In summary, although inquiries from steel mills are not active, NPI prices are expected to hold stable in the short time supported by cost.