High-Grade NPI Market Transactions Remain Sluggish, Prices Expected to Stay Under Pressure in the Short Term [NPI Daily Review]

Published: Dec 26, 2024 15:24

Save

[SMM Daily Review: High-Grade NPI Market Transactions Remain Sluggish, Prices Still Under Pressure in the Short Term] December 26—The SMM 8-12% high-grade NPI average price is 940 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

SMM, December 26 – On December 26, 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 momentum weakened, keeping production at low levels. In Indonesia, new RKAB quotas began to be released, and smelters there maintained 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, destocking of stainless steel social inventory and in-plant inventory remained slow. 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 was subdued. High-grade NPI prices may continue to pull back, but downside room is limited due to cost support.

》Subscribe to view historical SMM metal spot prices.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

11 hours ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.

11 hours ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.

11 hours ago