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, the stainless steel market has not fully recovered after the Chinese New Year holiday, with poor stainless steel sales and sluggish sentiment among steel mills for raw material procurement. Some traders held strong expectations for the market outlook, with active inquiries and robust market sentiment. Amid tightening availability of marketable resources, high-grade NPI prices are expected to fluctuate upward 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)
