SMM December 30 News,
On December 30, the SMM 8-12% high-grade NPI average price was 937.5 yuan/mtu (ex-factory, tax included), down by 2.5 yuan/mtu compared to the previous working day. Supply side, domestically, high-grade NPI prices fluctuated downward. With traditional smelters facing expanded losses, production momentum weakened, coupled with environmental protection inspections, production is expected to slightly decline. In Indonesia, NPI smelters currently have relatively sufficient raw material inventories. Coupled with some smelters maintaining partial profitability and weak demand for high-grade nickel matte, the phenomenon of converting high-grade nickel matte to high-grade NPI persists, and Indonesian production is expected to continue growing. Demand side, the stainless steel market saw some improvement in spot cargo digestion, and social inventory began destocking. However, as the market sales cycle shortens approaching January, steel mills' demand for raw material procurement remains weak, with intended prices maintaining a downward trend. Nevertheless, supported by costs, high-grade NPI prices are expected to remain stable with a weak trend in the short term.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
