Demand for High-Grade NPI Is Still Expected to Rise, and Market Prices May Fluctuate Upward in the Short Term [NPI Daily Review]

SMM, March 4 – On March 4, the SMM 8-12% high-grade NPI average price was 986 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, with some undergoing maintenance, leading to an overall low production level. In Indonesia, nickel ore output has fallen short of expectations, coupled with production load adjustments in some major production areas. However, driven by ramp-ups in new capacity, production is expected to see a slight increase. Demand side, the upward momentum for stainless steel spot is weak, but as stainless steel mills gradually resume operations after the holiday, production is expected to increase, supporting a relatively optimistic outlook for high-grade NPI demand. From the perspective of raw material cost-effectiveness, the recent rise in stainless steel scrap prices has weakened its competitiveness against high-grade NPI. In the short term, high-grade NPI prices are expected to remain relatively stable with a strong trend. 》Subscribe to view SMM historical spot metal prices.