High-Grade NPI Market Sees Strong Wait-and-See Sentiment, Prices Remain Relatively Stable with Strong Trend Amid Tight Supply [NPI Daily Review]

Published: Mar 20, 2025 18:32

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[SMM Daily Review: High-Grade NPI Market Sees Strong Wait-and-See Sentiment Resource Tightness Keeps Prices Relatively Stable with Strong Trend] On March 20, the SMM 8-12% high-grade NPI average price was 1,019 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day...

SMM March 20 News, SMM 8-12% high-grade NPI average price was 1,019 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day. Supply side, domestically, as it is nearing the end of the rainy season in the Philippines, nickel ore supply still needs time to increase, with ore prices remaining stable and smelter production drive being weak, resulting in low production. In Indonesia, recent abundant rainfall coupled with tight nickel ore supply has kept smelter nickel ore inventory at low levels, and despite new capacity coming online, production only maintained a slight increase. Demand side, stainless steel futures orders were relatively ideal, and with stainless steel scrap prices rising along with finished product prices, the economic advantage of stainless steel scrap weakened, leading to warmer sentiment for high-grade NPI procurement by stainless steel mills and more active market inquiries. In the short term, cost support for high-grade NPI strengthened, and with tightening supply and demand, prices are expected to remain relatively stable with a strong trend.

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