The cost support below is relatively strong, and the price of high-grade NPI has stabilized and recovered [NPI Daily Review]

SMM reported on May 19,

      that on May 19, the average price of SMM 8-12% high-grade NPI was 944 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu from the previous working day. Supply side, domestically, some smelters that had undergone maintenance have resumed production, and the increase in output has driven a slight rise in overall production. In Indonesia, the current premium for domestic trade pyro ore remains relatively firm, and the finished product prices have fallen below the cost line. Affected by losses, some high-cost production lines have reduced their production loads, and overall production is expected to decline slightly. Demand side, stainless steel prices have been boosted by the easing of tariff policies, with prices stabilizing and rising. However, the overall transaction situation has not improved significantly. The intended purchase prices of mainstream steel mills for raw materials have stabilized, and some traders have shown willingness to stock up, with purchase prices rising slightly from the previous period. It is expected that high-grade NPI prices will stabilize and recover in the short term.