Market Activity Remains Sluggish, High-Grade NPI Prices Under Pressure [NPI Daily Review]

SMM, December 25 – On December 25, the SMM 8-12% high-grade NPI average price stood at 940 yuan/mtu (ex-factory, tax included), unchanged from the previous trading day. Supply side, domestically, high-grade NPI prices fluctuated downward. The strong US dollar led to higher mining costs for smelters, and with traditional domestic smelters facing expanded losses, production motivation weakened, keeping production at low levels. In Indonesia, new RKAB quotas began to be released, and smelters there had sufficient raw material restocking. Coupled with the release of new capacity and the conversion of high-grade nickel matte to NPI, Indonesian production continued to grow. Demand side, stainless steel social inventory and in-plant inventory destocking progressed slowly. Leading stainless steel mills showed weak purchase willingness for high-grade NPI, and some mills had already secured long-term contracts. In the short term, market trading sentiment remained subdued. High-grade NPI prices may continue to pull back, but downside room is limited due to cost support. 》Subscribe to view SMM historical spot metal prices