The upstream sentiment to stand firm on quotes for high-grade NPI remains strong, and the market price is expected to remain stable in the short term. [NPI Daily Review]

SMM March 26 News,

      On March 26, the average price of SMM 8-12% high-grade NPI was 1,025 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day. Supply side, domestically, smelters' raw material inventory remained low, shipments from the Philippines during the late rainy season still required time to reach China, and some smelters underwent production line maintenance, resulting in low production. In Indonesia, nickel ore mining and output fell short of expectations, with some smelters' raw material inventory at low levels, and some production lines in major producing areas operating at low capacity. Despite the release of new capacity, production growth was relatively limited. Demand side, spot stainless steel performance was weak, coupled with a decrease in the price of raw material stainless steel scrap, leading to a recovery in economic advantages, which put pressure on high-grade NPI prices. However, from the cost and market circulation resources perspective, high-grade NPI is expected to remain stable in the short term.