SMM reported on February 28,
On February 28, the SMM 8-12% high-grade NPI average price was 983 yuan/mtu (ex-factory, tax included), up 3 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 schedules. In Indonesia, a major production area has adjusted its production pace to reduce operating loads. Additionally, high-grade nickel ore resources in Indonesia are currently tight, with ore grades in major production areas generally declining, and metal content is expected to decrease. Demand side, stainless steel spot prices continued to decline slightly, 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)