The high-grade NPI market saw active transactions, with prices expected to remain stable in the short term. [NPI Daily Review]

SMM reported on April 1 that the average price of 8-12% high-grade NPI was 1,030.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day. Supply side, domestically, the replenishment of nickel ore from the Philippines remains weak, smelter profits have slightly recovered, and production growth is limited. In Indonesia, the release of nickel mines still requires time to materialize, with current premiums at highs. Although there is new ramp-up production, capacity release is relatively limited, and the supply of NPI in Indonesia has slightly increased. Demand side, stainless steel production continues to fluctuate at highs, and the demand for high-grade NPI is optimistic. Coupled with the current tight market circulation, the transaction price range of NPI is relatively concentrated. Recently, transactions have been active, and the price range is within the mainstream market range. In the short term, the price of high-grade NPI is expected to remain stable. 》Order to view SMM metal spot historical prices