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 declines in production schedules compared to the previous month. Meanwhile, the current low prices of stainless steel scrap have weakened traders' willingness to sell, resulting in an increased proportion of NPI usage by stainless steel mills, which continues to support NPI demand overall. However, stainless steel enterprises had stocked up raw materials sufficiently before the Chinese New Year, and the post-holiday stainless steel market trends remain 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)
