SMM, February 5 -
On February 5, the SMM 8-12% high-grade NPI average price stood at 942 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, domestically, Philippine nickel ore prices remained stable, while domestic smelters continued to operate at a loss, with production slightly recovering after seasonal maintenance. In Indonesia, overall production decreased in February, coupled with production adjustments in a major region, leading to a slight decline in total output. Demand side, domestic stainless steel mills saw limited declines in production schedules compared to the previous month. Meanwhile, with low stainless steel scrap prices, traders showed weak willingness to sell, resulting in an increased proportion of NPI usage by stainless steel mills, providing ongoing support for NPI demand. However, stainless steel enterprises had stocked up raw materials sufficiently before the Chinese New Year, and the post-holiday stainless steel market trend remains to be observed. Market inquiries are yet to recover, and high-grade NPI prices are expected to remain relatively stable with a strong trend in the short term.
