High-Nickel Pig Iron Prices Face Downward Pressure Amid Supply and Demand Shifts

In this week's market dynamics, we can observe an overall downward trend in high-nickel pig iron prices. Specifically, according to SMM statistics, the average price of 8-12% high-nickel pig iron was 1,022.1 yuan per nickel point (ex-factory, including tax) during the week, down by 2.6 yuan per nickel point compared to last week's average price. Meanwhile, the Indonesian NPI FOB index also experienced a decline, decreasing by 0.6 USD per nickel point compared to last week. These data indicate that the price of high-nickel pig iron has seen a certain degree of decline this week.

On the supply side, some positive signals have emerged in the domestic market. The profit loss situation for domestic nickel pig iron has somewhat improved, with some smelters enhancing the overall average grade and increasing the metal content by supplementing with high-grade nickel ore. Meanwhile, in Indonesia, the new approvals for nickel ore RKAB have increased the quota of export resource tax tickets, leading to a higher export volume of Indonesian nickel pig iron compared to before. Additionally, due to declining profits from high-grade nickel, some production lines have shifted back to producing nickel pig iron, with the overall output continuing to grow.

On the demand side, due to the continued decline in spot stainless steel prices, the profit loss for steel mills has further expanded. Although the current spot price of nickel pig iron remains relatively firm, most steel mills have sufficient raw material inventories to meet their needs, resulting in a cautious attitude toward purchasing and relatively muted market transactions. In the short term, weak downstream consumption might exert some pressure on high-nickel pig iron prices. However, due to cost support, the downside potential for high-nickel pig iron prices may be relatively limited.

Overall, despite multiple pressures in the market, the price of high-nickel pig iron still has strong cost support, which may limit further price declines to some extent. Future attention should be given to changes in market supply and demand and the potential impact of relevant policies on prices.

请给下面一段文章起一个标题：In this week's market dynamics, we can observe an overall downward trend in high-nickel pig iron prices. Specifically, according to SMM statistics, the average price of 8-12% high-nickel pig iron was 1,022.1 yuan per nickel point (ex-factory, including tax) during the week, down by 2.6 yuan per nickel point compared to last week's average price. Meanwhile, the Indonesian NPI FOB index also experienced a decline, decreasing by 0.6 USD per nickel point compared to last week. These data indicate that the price of high-nickel pig iron has seen a certain degree of decline this week. On the supply side, some positive signals have emerged in the domestic market. The profit loss situation for domestic nickel pig iron has somewhat improved, with some smelters enhancing the overall average grade and increasing the metal content by supplementing with high-grade nickel ore. Meanwhile, in Indonesia, the new approvals for nickel ore RKAB have increased the quota of export resource tax tickets, leading to a higher export volume of Indonesian nickel pig iron compared to before. Additionally, due to declining profits from high-grade nickel, some production lines have shifted back to producing nickel pig iron, with the overall output continuing to grow. On the demand side, due to the continued decline in spot stainless steel prices, the profit loss for steel mills has further expanded. Although the current spot price of nickel pig iron remains relatively firm, most steel mills have sufficient raw material inventories to meet their needs, resulting in a cautious attitude toward purchasing and relatively muted market transactions. In the short term, weak downstream consumption might exert some pressure on high-nickel pig iron prices. However, due to cost support, the downside potential for high-nickel pig iron prices may be relatively limited. Overall, despite multiple pressures in the market, the price of high-nickel pig iron still has strong cost support, which may limit further price declines to some extent. Future attention should be given to changes in market supply and demand and the potential impact of relevant policies on prices.