Stainless Steel Spot Prices See Larger Increase as High-Grade NPI Prices Are Passed Downstream [NPI Daily Review]

SMM March 18 News, SMM 8-12% high-grade NPI average price was 1,014.5 yuan/mtu (ex-factory, tax included) on March 18, up 3 yuan/mtu from the previous working day. Supply side, domestically, as the rainy season in the Philippines is nearing its end, it will still take time for nickel ore supply to increase. Nickel ore prices remain stable, and the weak production drive of smelters keeps production at a low level. In Indonesia, recent abundant rainfall combined with tight nickel ore supply has resulted in low nickel ore inventory at smelters. Despite the release of new capacity, production has only seen a slight increase. Demand side, stainless steel futures orders have been relatively strong. Additionally, as stainless steel scrap prices rise along with finished product prices, the economic advantage of stainless steel scrap has weakened. This has led to improved sentiment among stainless steel mills for high-grade NPI procurement, with market inquiries becoming more active. In the short term, high-grade NPI prices are supported by stronger costs and tighter supply and demand, and prices are expected to remain relatively stable with a strong trend in the near term. 》Subscribe to view SMM historical spot metal prices