High-Grade NPI Downstream Procurement Demand Released, Prices Expected to Fluctuate Upward in the Short Term [NPI Daily Review]

SMM March 10 News, On March 10, the SMM 8-12% high-grade NPI average price was 996.5 yuan/mtu (ex-factory, tax included), up by 4 yuan/mtu compared to the previous working day. Supply side, domestically, as the Philippines approaches the end of the rainy season, nickel ore supply remains tight, ore prices are stable, and smelters' production motivation is weak, leading to low production levels. In Indonesia, some production lines in major production areas have not resumed, coupled with lower-than-expected nickel ore output, resulting in overall stable production levels. Demand side, stainless steel production schedules are expected to maintain an upward trend, while the price increase of stainless steel scrap weakens the raw material cost-effectiveness, leading to optimistic demand for high-grade NPI from downstream sectors. In the short term, high-grade NPI prices are supported by stronger costs and tightening supply and demand, and prices are expected to remain relatively stable with a strong trend. 》Subscribe to view SMM historical spot metal prices