Downstream Demand Shows No Significant Recovery; High-Grade NPI Prices to Operate Stable With a Weak Trend in the Short Term [NPI Daily Review]

SMM, January 13 – On January 13, the SMM 8-12% high-grade NPI average price stood at 933.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, domestically, high-grade NPI prices fluctuated downward, with weak production momentum among domestic smelters, and production is expected to decline. In Indonesia, with the release of some new capacity and additional output from the conversion to high-grade nickel matte, high-grade NPI production is expected to increase slightly. Demand side, current stainless steel prices have stabilized and rebounded, but stocking demand for raw materials by stainless steel mills has been brought forward. Most enterprises have weak short-term purchasing demand, and top-tier enterprises have a high proportion of long-term contracts, with limited spot order purchases. Additionally, Indonesian nickel ore is currently operating steadily, and under cost support, high-grade NPI prices are expected to remain stable with a weak trend in the short term. 》Subscribe to view historical SMM metal spot prices