SMM reported on May 20,
that on May 20, the average price of SMM 8-12% high-grade NPI was 946 yuan/mtu (ex-factory, tax included), up 2 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 upward trend in overall production. In Indonesia, the current premium for domestic pyrometallurgy saprolite ore remains relatively firm, and 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 stockpile, with purchase prices rising slightly compared to the previous period. Overall, it is expected that the price of high-grade NPI will stabilize 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)
