High-Grade NPI Market Sentiment Intensifies, Prices to Fluctuate Relatively Stable With Strong Trend in the Short Term [NPI Daily Review]

Published: Feb 18, 2025 18:06

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[SMM Daily Review: High-Grade NPI Market Sentiment Intensifies, Prices to Fluctuate Upward in the Short Term] February 18—The average price of SMM 8-12% high-grade NPI was 967 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu compared to the previous working day...

On February 18, the SMM 8-12% high-grade NPI average price was 967 yuan/mtu (ex-factory, tax included), up by 1.5 yuan/mtu compared to the previous working day. Supply side, domestically, Philippine nickel ore prices are expected to rise, pushing up the cost line for domestic smelters, which face an increased risk of losses and are expected to operate at low production schedules. In Indonesia, a major production area has adjusted its production pace to reduce operating loads. Additionally, the current availability of high-grade nickel ore in Indonesia is relatively tight, with ore grades in major production areas generally declining, and metal content is expected to decrease. Demand side, stainless steel spot prices remained stable, with sluggish market transactions. Stainless steel mills, having previously stocked up inventories and benefited from improved economics of stainless steel scrap, have shown weakened demand for high-grade NPI. In the short term, the high-grade NPI market sentiment is expected to pull back. However, supported by costs and tight circulating resources, prices are still expected to fluctuate upward with a relatively stable trend.

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