High-Grade NPI Tender Price Rises, Market Prices Remain Stable in the Short Term [NPI Daily Review]

SMM March 24 News, SMM 8-12% high-grade NPI average price was 1,022.5 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu from the previous working day. Supply side, domestically, smelters are operating with low raw material inventory, and shipments from the Philippines at the end of the rainy season still need time to arrive. Some smelters have production lines under maintenance, leading to low production. In Indonesia, nickel ore mining and output were below expectations, with some smelters also having low raw material inventory. Additionally, some production lines in the main producing areas are running at low capacity, resulting in limited production growth despite new capacity releases. Demand side, stainless steel spot performance is weak, coupled with a decrease in stainless steel scrap prices, which has restored some economic advantages, putting pressure on high-grade NPI prices. A stainless steel mill in South China tendered at a significantly higher price than the previous period, and it is expected that high-grade NPI will remain stable in the short term.