August 13 - SMM 8-12% high-grade NPI average price was 1,014 yuan/mtu (ex-factory, tax included), flat compared to the previous working day. Supply side, domestically, overall production in August remained stable, with some smelters entering maintenance periods. East China smelters saw a slight increase in production, with a small expected increase in output. In Indonesia, the progress of RKAB approvals remained slow, and the demand for imported Philippine nickel ore persisted. The tight supply of raw materials for smelters continued, and with new production capacity coming online, a slight increase in output was expected in August. Demand side, approaching the traditional peak season for stainless steel consumption, steel mill production resumed, maintaining stable demand for NPI. In summary, the high procurement costs of nickel ore are pushing up NPI spot prices. With stable downstream demand, NPI prices are expected to remain strong in the short term.


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