【SMM Daily Report: Weak Demand Leads to Nickel Iron Price Decline】

March 25th, SMM News:

On March 25th, the average price of 8-12% high-nickel pig iron was 942.5 yuan/nickel point (factory tax inclusive), a decrease of 2.5 yuan/nickel point compared to the previous working day. From the supply side, although the approval speed of nickel ore quotas has recently accelerated significantly, it still takes time from the mine to the smelter, so it is expected that nickel iron production will remain low in March. However, due to the sustained weak demand from domestic end-users, some traders and iron factories have lowered their quotations. From the demand side, stainless steel terminal demand has remained weak throughout the week, thus failing to boost demand for high-nickel pig iron. In summary, the current weak demand in the stainless steel terminal continues, leading to a trend of inventory accumulation on the supply side, and it is expected that nickel iron prices will remain weak at present.