SMM March 31 News,
On March 31, the average price of SMM 8-12% high-grade NPI was 1,029.5 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day. Supply side, domestically, the replenishment of nickel ore from the Philippines remains weak, smelter profits have slightly recovered, and production growth is limited. In Indonesia, the release of nickel mine output still requires time to materialize, with current premiums at highs. Although there is new ramp-up production, capacity release is relatively limited, and the supply of Indonesian NPI has slightly increased. Demand side, stainless steel production continues to fluctuate at highs, with optimistic demand for high-grade NPI. Coupled with the current tight market circulation, the transaction price range of NPI is relatively concentrated. In the short term, the price of high-grade NPI is expected to remain stable.
