SMM

Indonesia's December 2023 NPI production reached 128,700 mt in nickel content, up 1.06% MoM and 24.3% YoY. The annual total was 1,375,600 mt, up 19.9% YoY. This aligns with SMM's predictions, and in December, Indonesian medium and high-grade nickel ore premiums normalized. High-grade NPI smelting costs in Indonesia fell, and with December's NPI price rebound, Indonesian NPI plants' profits grew, contrasting with Chinese plants' narrowing losses. This let Indonesia keep normal scheduled production. New capacity in December boosted high-grade NPI output. January's production is expected to stay around 126,700 mt in nickel content, down 1.59% MoM.