The market inquiries for high-grade NPI were weak, and prices remained stable with cost support. [NPI Daily Review]

SMM March 27 news,

      On March 27, the average price of SMM 8-12% high-grade NPI was 1,025.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, domestically, smelters' raw material inventories remained low, shipments from the Philippines during the late rainy season still required time to arrive, 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 inventories at low levels, coupled with low-load operations in some production lines in major producing areas. Although new capacity was being released, production growth was relatively limited. Demand side, spot stainless steel performance was relatively weak, and the price of raw material stainless steel scrap decreased, restoring some economic advantages, putting 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.