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Bleak stainless steel demand put pressure on NPI prices
May 21, 2024 23:10Source:SMM
Last week, SMM 8-12% high-grade NPI prices averaged 969.5 yuan/mtu (ex-factory, including tax), up 5.79 yuan/mtu WoW. NPI prices inched upward last week...
Bleak stainless steel demand put pressure on NPI prices
Last week, SMM 8-12% high-grade NPI prices averaged 969.5 yuan/mtu (ex-factory, including tax), up 5.79 yuan/mtu WoW. NPI prices inched upward last week. Supply side, some domestic NPI smelters resumed production in May after maintenance, but their output increase was limited amid high nickel ore prices. Additionally, the only remaining EF production line for NPI in China started maintenance, with an unclear time for production resumption. Therefore, domestic NPI supply was limited. In Indonesia, nickel ores were sourced externally due to a disruption in Indonesian mines, leading to a decline in NPI grade, with a decrease in metal content. Furthermore, the export procedure approval impacted Indonesian NPI exports to China. Demand side, in mid-to-late May, the stainless steel market saw faltering transactions. The spot prices of 300-series stainless steel were under pressure and rose much less than futures prices, but short-term transactions will be active amid approaching procurement cycles. It is expected that NPI prices will rise in the short term.
Nickel
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