SMM, February 6 –
On February 6, the SMM 8-12% high-grade NPI average price stood at 943.5 yuan/mtu (ex-factory, tax included), up by 1.5 yuan/mtu from the previous trading 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 adjustments in production in a major region, leading to a slight decline in total output. Demand side, domestic stainless steel mills saw limited MoM declines in production schedules. Meanwhile, with relatively 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.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)