High nickel pig iron prices fluctuate upwards, stainless steel is weak, steel mills are on the lookout for procurement [Daily Review of Nickel Pig Iron]

SMM May 23rd News,

May 23rd News, The average price of SMM8-12% high nickel pig iron is 978.5 yuan/nickel point (factory tax included), an increase of 1 yuan/nickel point from the previous working day. From the supply side perspective, the nickel ore approval in Indonesia in May has increased compared to the March quota, but the approval amount is far less than the three-year demand. The amount of overseas mining from the Philippines by Indonesian smelters is increasing, and the current production of nickel pig iron smelters in Indonesia is still weak. On the domestic side, the cost of nickel pig iron is affected by high mining prices, and although some maintenance smelters have resumed production, the overall supply in China is still at a low level. On the demand side, the spot price of stainless steel is affected by weak downstream and terminal consumption, and the acceptance of steel mill prices for upward nickel pig iron prices is relatively limited. In summary, the current price of nickel pig iron is driven by costs and tight circulation, leading to an upward trend in prices. Downstream steel mills may release their demand for long-term raw material reserves at the end of the month, and it is expected that nickel iron prices will remain stable and slightly strong in the short term.