Upstream Quotes for High-Grade NPI Remain Firm, Spot Prices Slightly Increase in the Short Term [Daily Review of NPI]

Published: Jan 22, 2025 16:42 (GMT+8)

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[SMM Daily Review: High-Grade NPI Upstream Prices Remain Firm, Spot Prices Slightly Increase in the Short Term] January 22—SMM 8-12% high-grade NPI average price was 941 yuan/mtu (ex-factory, tax included), up by 0.5 yuan/mtu compared to the previous working day...

On January 22, SMM reported that the average price of 8-12% high-grade NPI was 941 yuan/mtu (ex-factory, tax included), up by 0.5 yuan/mtu compared to the previous working day.

Supply side, domestically, high-grade NPI prices fluctuated downward, and domestic smelters remained in a loss-making phase, with production expected to slightly decline. In Indonesia, with the release of some new capacity and additional output from the conversion of some high-grade nickel matte, high-grade NPI production is expected to slightly increase.

Demand side, as the stainless steel market approaches the Chinese New Year holiday, stainless steel spot prices remained stable. Top-tier enterprises have sufficiently stocked up on raw materials before the holiday, while only some small and medium-sized stainless steel mills are making spot purchases. High-grade NPI demand has not shown a significant recovery.

High-grade NPI costs remain relatively firm, and in the short term, as the market approaches the Chinese New Year holiday, prices may still have room for recovery.

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.

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