Indonesia's October 2023 NPI production was 115,800 mt in nickel content, down 4.04% MoM but up 9.51% YoY. 2023's total production through October was 1.1195 million mt in nickel content, up 18.7% YoY. The decline in high-grade NPI production aligns with SMM predictions. Weak demand and falling prices have pushed some producers into losses, delaying production line restarts. With weak NPI demand, profit margins for high-grade nickel matte production are improving, leading some to switch production. November's high-grade NPI production is projected to fall further to 112,900 mt in nickel content, down 2.5% MoM.
![[SMM Analysis] Demanda de compra externa downstream fraca; preços do sal de níquel caíram esta semana](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
![[SMM Análise do Meio-Dia do Níquel] Os preços do níquel tiveram uma recuperação significativa em 3 de setembro. Os dados de emprego ADP dos EUA em agosto vieram surpreendentemente fracos, esfriando levemente as apostas em um aumento de juros em setembro.](https://imgqn.smm.cn/usercenter/qLeLR20251217171733.jpg)

