SMM reported on July 31,
On July 31, the average price of SMM 8-12% high-grade NPI was 912.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, upstream nickel pig iron plants were bullish, as the current price remained below the cost line of nickel pig iron plants, resulting in low willingness to sell. On the consumption side, downstream large enterprises began to offer quotes, but there were significant price discrepancies. Currently, most transactions in the market were still based on the average price, while fixed-price transactions were mostly small-volume purchases of Indonesian nickel pig iron (arriving at port, tax included) by traders or downstream small enterprises. Overall, the domestic high-grade NPI market still had prices but no transactions, and the market was waiting for reference from end-use consumption in August.
