NPI prices rose amid limited supply [NPI daily review]

On April 25, SMM 8-12% high-grade NPI prices averaged 959 yuan/mtu (ex-factory, including tax), up 3 yuan/mtu compared with the previous working day. From the supply side, Indonesian Lebaran caused slow RKAB approval. In addition, as mining did not increase, raw material supply for smelters was still tight. Therefore, NPI had strong cost support but low production. Due to losses, some NPI smelters shut down with an unclear time for production resumption, so NPI supply was limited. From the demand side, as May approaches, the raw material demand of stainless steel mills has been released in advance, elevating NPI traded prices. In summary, with the rebound in spot stainless steel prices and the strong support of NPI costs, NPI prices are expected to rise in the short term.