The Center of the High-Grade NPI Market Rises, and Active Market Prices May Fluctuate Upward [NPI Daily Review]

SMM reported on February 13 that

      on February 13, the SMM 8-12% high-grade NPI average price was 960.5 yuan/mtu (ex-factory, tax included), up by 4 yuan/mtu 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 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 raw material procurement sentiment among steel mills. 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.