SHANGHAI, Oct 9 (SMM) –
China’s NPI output was 34,500 mt in nickel content and 790,000 mt in physical content, down 1.13% MoM, but output in metal content was up 9.61% YoY. Since Indonesia delayed issuance of nickel ore quotas in August, nickel ore prices have remained high. In addition, tight nickel ore supply during the year and cost support lingered. While demand weakness from stainless steel was reported amid fallout of macro sentiment, thereby tipping domestic NPI producers into mild production cuts. In detail, September saw high- and low-grade NPI output at about 27,300 mt in Ni content and 7,200 mt in Ni content respectively, down 0.49% MoM and 1.31% MoM.
It is estimated the Chinese NPI output in October will be 34,000 mt in nickel content, down 1.44% MoM. According to SMM research, sustained weakness in demand from stainless steel, defying expectations of a peak season in September and October, offered few supports for high NPI prices. Furthermore, nickel ore prices remained elevated. Under such circumstance, NPI producers suffered narrowing profits.
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