SMM reported on February 25 that
on February 25, the average price of SMM 8-12% high-grade NPI was 976 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu from the previous trading day. Supply side, domestically, domestic smelters remain in a loss-making phase and are expected to operate at low production levels. In Indonesia, a major production area has adjusted its production pace to reduce operating loads, and the current availability of high-grade nickel ore in Indonesia is relatively tight, with ore grades in major production areas generally declining. Metal content is expected to decrease. Demand side, stainless steel spot prices saw a slight decline, with sluggish market transactions. Stainless steel mills, having previously stocked up inventories and benefited from improved cost-effectiveness of stainless steel scrap, have shown weaker demand for high-grade NPI. However, supported by costs and tight spot supply, 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)
