High-Grade NPI Prices Slightly Increased Amid Tight Market Supply Before Chinese New Year [NPI Daily Review]

SMM, January 23 –

      On January 23, the average price of SMM 8-12% high-grade NPI was 942 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from 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 decline slightly. In Indonesia, with the release of some new capacity and the additional output from the conversion to high-grade nickel matte, high-grade NPI production is expected to increase slightly. 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, and only some small and medium-sized stainless steel mills are making spot orders. High-grade NPI demand has not shown a significant recovery. The cost support for high-grade NPI remains relatively firm, and in the short term, as the market approaches the Chinese New Year holiday, prices may still have room for recovery.