Market sentiment was heavily contested, and trading was sluggish. In the short term, high-grade NPI prices may remain in the doldrums. [NPI Daily Review]

SMM reported on April 23,

      On April 23, the average price of SMM 8-12% high-grade NPI was 974 yuan/mtu (ex-factory, tax included), down by 2 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 driving forces. 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, leading to a synchronized weakening in production driving forces with the domestic market, and overall production remained stable. Demand side, stainless steel spot prices were at low levels in recent years, and the immediate raw material costs were high, resulting in losses. Short-term raw material procurement demand from downstream stainless 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.