Supply side, domestically, high-grade NPI prices fluctuated downward, and domestic smelters remained in a loss-making phase, with production expected to slightly decline. In Indonesia, with the release of some new capacity and additional output from the conversion of some high-grade nickel matte, high-grade NPI production is expected to slightly increase.
Demand side, as the stainless steel market approaches the Chinese New Year holiday, stainless steel spot prices remained stable. Top-tier enterprises have sufficiently stocked up on raw materials before the holiday, while only some small and medium-sized stainless steel mills are making spot purchases. High-grade NPI demand has not shown a significant recovery.
High-grade NPI costs remain relatively firm, and in the short term, as the market approaches the Chinese New Year holiday, prices may still have room for recovery.
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