SMM reported on April 25,
On April 25, the average price of SMM 8-12% high-grade NPI was 969 yuan/mtu (ex-factory, tax included), down 2 yuan/mtu from the previous working day. Supply side, domestically, smelter profits began to tighten, and some high-cost smelters faced deeper losses, with production remaining low due to weak production drivers. In Indonesia, the premium 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 of production drivers with the domestic market, 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, resulting in losses. In the short term, downstream steel mills had weak demand for raw material procurement, and the market transaction center continued to shift downward. It is expected that high-grade NPI prices will remain under pressure in the short term.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
