SMM, January 24—
On January 24, the average price of SMM 8-12% high-grade NPI was 942 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, domestically, high-grade NPI prices fluctuated downward, with domestic smelters still operating at a loss, and production is expected to decline slightly. In Indonesia, with the release of some new capacity and the additional output from the conversion of some high-grade nickel matte, high-grade NPI production is expected to increase slightly. 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 orders. High-grade NPI demand has not shown a significant recovery. Cost support for high-grade NPI remains relatively firm, and in the short term, as the market approaches the Chinese New Year holiday, prices may still have room for recovery.
