SMM reported on February 26,
On February 26, the SMM 8-12% high-grade NPI average price was 979 yuan/mtu (ex-factory, tax included), up by 3 yuan/mtu from the previous trading day. Supply side, domestically, domestic smelters remain in a loss-making phase, and production schedules are expected to operate at low levels. In Indonesia, a major production area has adjusted its production pace to reduce operating loads, and currently, high-grade nickel ore resources in Indonesia are relatively tight, with grades in major production areas generally declining. Metal content is expected to trend downward. Demand side, stainless steel spot prices continued to decline, and market transactions were sluggish. Stainless steel mills, having stocked up inventories earlier 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, today's market transaction prices hit new highs, and 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)
