The price center of market transaction prices continued to decline, and the price of high-grade NPI may remain in the doldrums in the short term. [NPI Daily Review]

SMM reported on April 21 that the average price of 8-12% high-grade NPI was 983.5 yuan/mtu (ex-factory, tax included), down by 1.5 yuan/mtu compared to the previous working day. Supply side, domestically, smelter profits began to tighten, and losses deepened for some high-cost smelters, with production remaining low due to weak production drivers. In Indonesia, premiums for Indonesia's local ore remained stable, and smelter cost lines were generally stable with a slight rise. However, the decline in spot prices has already breached the cost lines of some smelters, with production drivers weakening in line with the domestic situation, and overall production remained stable. Demand side, stainless steel spot prices were at a low level in recent years, and the immediate raw material costs were high, leading to losses. Short-term raw material procurement demand from downstream steel mills was weak, and the market transaction center continued to decline. It is expected that high-grade NPI prices will remain under pressure in the short term. 》Order to view SMM metal spot historical prices