Chinese NPI Output Falls 9.1% MoM in Mar amid High Nickel Ore Costs

SHANGHAI, Apr 11 (SMM) - Chinese NPI output stood at 29,800 mt in Ni content in March 2023, down 9.1% month-on-month and 23.2% year-on-year. Stainless steel mills cut production intensively in the month, sending NPI prices into a nosedive, which forced the NPI plants to reduce the production. In detail, high-grade NPI output was about 23,500 mt in Ni content, down 9.82% MoM. 300-series stainless steel output fell greatly, and the NPI factories were less willing to ship amid the high nickel ore prices, driving up the NPI stocks held by the NPI factories. Therefore, NPI plants generally cut their output. Low-grade NPI output stood at 6,400 mt in Ni content, down 6.31% MoM. Profits of enterprises with integrated capacity of low-grade NPI and stainless steel were poor, and 200-series stainless steel mills with NPI facilities increased the output in March. Some NPI plants slightly cut the production on equipment failure.